Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2026. REUTERS\/Brendan McDermid<\/p>\n
Brendan Mcdermid | Reuters<\/p>\n
What you need to know today<\/p>\n Crude oil finally did what analysts have been warning about in the past week: it blew <\/a>past $100 per barrel on Sunday as Iran continues its closure of the critical Strait of Hormuz. It was the first time crude crossed the $100 mark since Russia invaded Ukraine in 2022. West Texas Intermediate<\/a>\u00a0jumped 20%, or $18.30, to $109.30 per barrel. Global benchmark\u00a0Brent<\/a>\u00a0advanced around 18%, or $16.71, to $109.35.<\/p>\n Markets reacted swiftly, with Dow futures tumbling<\/a> 900 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures fell 1.9% and 2.3%, respectively. <\/p>\n Shortly after the surge, U.S. President Donald Trump said <\/a>on Truth Social that “short term oil prices” are “a very small price to pay”.\u00a0Whether the spike proves temporary remains uncertain as the war shows few signs of easing. Iran named Ayatollah Ali Khamenei’s son, Mojtaba, as its new supreme leader, according <\/a>to reports. <\/p>\n For now, U.S. Energy Secretary Chris Wright appeared cautiously optimistic, saying <\/a>Sunday “we’re not too long away” before traffic through the Strait will resume, after the U.S. destroyed Iran’s ability to threaten tankers. Wright told CNN in an interview that the “worst case” is that the Strait closure lasts\u00a0 “a few weeks,” and “not months.”<\/p>\n The geopolitical turmoil is testing global diplomacy, as Trump is set <\/a>to meet with Chinese President Xi Jinping from March 31 to April 2, amid their differences over the war in Iran and trade tariffs. On Sunday, Beijing’s top diplomat Wang Yi signaled preparations were underway for the meeting, and repeated the country’s calls for a ceasefire, saying that “this is a war that should not have happened,” and “does no one any good.”<\/p>\n Meanwhile, the G7 countries are also scheduled to convene <\/a>an emergency meeting in the coming days to address the Middle East crisis. The group \u2014 comprising the United States, Canada, France, Germany, Italy, Japan and the United Kingdom \u2014 has come under strain during both of U.S. President Donald Trump’s tenures.\u00a0<\/p>\n And finally…<\/p>\n