Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel

The dollar strengthened on Thursday after briefly retreating from three-month highs, as the fallout from war ​in the Middle East roiled global markets and kept sentiment fragile, bolstering demand for the safe-haven currency.

Gold prices rose over 1 percent on ‌Wednesday, rebounding from a more than one-week low hit in the previous session, as a widening Middle East conflict sent global markets tumbling and supported safe-haven demand.

China’s factory activity slowed in February, official data showed on Wednesday, missing forecasts and extending a slump just ahead of closely watched announcements on policy planning.

US Treasury Secretary Scott Bessent said Wednesday that Donald Trump’s 15-percent global tariff is likely to be rolled out this week, as the president moves to rebuild his trade agenda after a major legal setback.

Asia depends on oil and gas from the Middle East, sourcing 60 percent of its crude from the region, making it highly vulnerable if the Iran war causes a prolonged closure of the Strait of Hormuz supply ​route.

Despite initial US hope for a swift and decisive ouster of Tehran's clerical leadership, Iran kept up retaliatory strikes against Israel and ‌around the Gulf

Oil and gas prices surged as the US-Israeli war on Iran halted energy exports from the Middle East

Brent rose $1.17, or 1.4%, to $82.57 a barrel by 0408 GMT

While it’s tempting to assume the dollar’s long-lost “safety” bid has returned since the weekend Iran attacks, it’s not as clear-cut as it seems and owes more to relative energy plays. Yet the implications of the market response may be just as powerful.

The outbreak of the conflict in the Middle East has seen maritime insurers cancel coverage, adding to the risk shipping companies face.

As in 2022 when Russia invaded Ukraine, the new war in the Middle East is exposing once again how far Europe and others lag in replacing imported fossil fuels with domestic solar and wind power, specialists say.

An extended conflict in the Middle East after the US and Israel launched strikes on Iran could trigger global stagflation -- a troublesome blend of high inflation and anaemic growth -- due to spiking oil and gas prices, economists warned.

Shipping through the Strait of Hormuz between Iran and Oman has ground to a near halt after vessels in the area were hit

Market moves have been comparatively mild amid hopes that the crisis will be short-lived

Companies including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations would take effect from March 5

The multinational cigarette producer blamed it on a plunge in profit in 2025

Despite the surge, the price was below the level it reached in January

It was shut as a precautionary measure and the situation is under control, the source said.

The grounding of ships around the Gulf and the paralysis of the Strait of Hormuz represent a significant upheaval for a wide range of sectors