The war involving the United States (US) and Israel against Iran continues to trigger turbulence in the global economy. Although the fighting is still ongoing, US President Donald Trump stated that the war is “almost over,” a remark that immediately caused shifts in global energy and financial markets.

Below are the main economic impacts of the conflict, as reported by AFP on Tuesday (March 10, 2026).

1. Oil Prices Decline

Global oil prices had previously surged sharply, surpassing US$119 per barrel on Monday. However, in an update on Tuesday, prices fell after Trump indicated that the conflict could soon come to an end.

Brent crude contracts briefly reached US$119.50 per barrel before dropping to around US$92.45. Meanwhile, West Texas Intermediate (WTI) crude also declined to approximately US$88.65 per barrel.

The price drop occurred as markets began to expect that disruptions to global energy supplies would not last long.

2. US Stock Market Strengthens

Trump’s comments also triggered a rally in the US stock market. Major indices on Wall Street turned higher after previously weakening due to geopolitical tensions.

The Dow Jones Industrial Average even closed about 0.5% higher at 47,740.80, although it had moved in a volatile pattern throughout the trading session earlier in the day.

3. US to Lift Some Oil Sanctions

Trump also announced plans to lift certain oil-related sanctions in response to market volatility. The move is believed to be related to oil exports from Russia.

“We are also removing certain oil-related sanctions in order to lower prices,” Trump told reporters.

4. Asian Stock Markets Recover

Stock markets in South Korea and Japan posted strong gains in early trading on Tuesday. South Korea’s benchmark Kospi index rebounded by more than 5%, while Tokyo’s Nikkei 225 surged by over 3% before later easing slightly.

5. G7 Countries Ready to Release Oil Reserves

Advanced economies within the G7 group have begun discussing emergency measures aimed at stabilizing global energy markets.

However, French finance officials stated that releasing strategic oil reserves is not yet considered necessary at the moment, although the option remains on the table if the energy crisis worsens.

Energy ministers from G7 countries are also scheduled to hold further meetings to discuss the conflict’s impact on global energy supply.

6. Transportation and Trade Disruptions

The conflict has also disrupted international logistics and transportation routes, particularly around the Strait of Hormuz, a key passageway through which roughly 20% of the world’s oil supply flows.

French President Emmanuel Macron even stated that Western allies are preparing a mission to secure the shipping route.

In the aviation sector, European airlines such as Lufthansa and Air France have extended flight cancellations to several destinations in the Middle East.

Meanwhile, global shipping company MSC has suspended part of its export shipments from the Gulf region due to rising security risks.

7. Many Countries Cap Fuel Prices

Several countries have begun introducing emergency policies to prevent surging domestic energy prices. Governments in Croatia, Hungary, South Korea, and Thailand have implemented fuel price caps.

At the same time, China has instructed several major refineries to hold back exports of diesel and gasoline.

Meanwhile, the giant Dangote Refinery in Nigeria has pledged to prioritize fuel supplies for the domestic market in order to prevent shortages.

In Japan, authorities have also reportedly instructed national oil reserves to be prepared for release if the energy crisis worsens further.