Home/News/Global Markets Shaken as Middle East War Drives Oil Prices to Record Highs
Global Markets Shaken as Middle East War Drives Oil Prices to Record Highs
Aashia Punjabi
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Aashia Punjabi
Category
World
Read Time
5 min
Date
Mar 9, 2026
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Global Markets Shaken as Middle East War Drives Oil Prices to Record Highs

March 9, 2026
By: Aashia Punjabi
World

Global Markets Shaken as Middle East War Drives Oil Prices to Record Highs

The Middle East conflict has escalated into an open war involving the U.S., Israel, and Iran, resulting in over 1,200 deaths in Iran and an additional number of deaths in Lebanon and Israel since the start of the war on February 28. The most contentious issue in the Middle East conflict is the attack on the girls' elementary school in the Iranian city of Minab, resulting in the deaths of 165 people. Although the attack is blamed on the inaccuracy of the Iranian military by President Trump, the results of the investigative findings by Bellingcat and the AP indicate that the attack was carried out by the U.S. Tomahawk missile. The Middle East conflict is affecting the global economy, the oil prices reaching the highest levels and the stock market is also struggling. The Middle East conflict has also had a devastating impact on the movement of people worldwide, resulting in over 40,000 flights being canceled at major airports such as Dubai and Doha, leaving tens of thousands of passengers stranded. The UN nuclear watchdog indicates that Iran has enriched uranium, but there is no evidence yet.



Published: March 9, 2026Updated: May 5, 2026
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