Westpac IQ
Global Markets Jolted on War and Oil Risks
March 09 2026 • 4 mins
As we go to print, extreme volatility is gripping markets. News over the weekend has been anything but reassuring - the Hormuz Strait remains effectively closed, regional energy producers are shuttering facilities and policymakers are scrambling to secure their supplies. Crude blends are up more than 20%, a range of regional bourses are limit down (Nikkei -7%), the defensive ASX is down only 3.5% while US equity futures are down more than 2%. The Australian dollar gave up the 0.70-handle at the start of trading this week (-0.6%), and is surprisingly holding in well against these wider market moves. The calendars are much less eventful in the week ahead and will in any case be a very distant consideration to the dramatic upheaval in energy markets.
Middle East Conflict: an initial view for Australia and New Zealand
March 03 2026
•
5 mins
By
Kelly Eckhold
,
Sian Fenner
,
Elliot Clarke
&
&
Michael Gordon
- Luci Ellis Luci Ellis
- Martin Whetton Martin Whetton
- Robert Rennie Robert Rennie
- Elliot Clarke Elliot Clarke
- Matthew Hassan Matthew Hassan
- Justin Smirk Justin Smirk
- Mantas Vanagas Mantas Vanagas
- Kelly Eckhold Kelly Eckhold
- Damien McColough Damien McColough
- Sian Fenner Sian Fenner
- See all authors See all authors
20
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