“Oil Shock 2026: USA–Iran Oil War Shakes the World — Crude Prices Surge, Gold Soars, Stocks Plunge, Inflation Hits the Global Economy. March 7, 2026: Iran’s Oil Depots Attacked, Retaliation Sparks a New Oil War. Article by SO OK TRADING.”

Oil War – March 7, 2026: When the USA and Israel Attacked Iran’s Oil Depots, the World Entered a Massive Oil Shock

On March 7, 2026, the world was shaken. The United States and Israel launched strikes on oil depots and refineries in Tehran, aiming to cut off Iran’s economic lifeline. The result: massive fires at the Aqdasiyeh depot and other sites across the capital. Iran immediately retaliated by firing missiles at Israel’s Haifa refinery.

Just one day later, Iran officially announced the closure of the Strait of Hormuz — the strategic passage through which more than 20% of the world’s oil flows. This triggered the largest Oil Shock in years, rivaling the disruption caused by the Russia–Ukraine war.

 

⛽ Oil Prices: Before vs After

Before the war (early 2026): Brent crude traded at $65–70 per barrel, a manageable level for markets.
After the war (March 8, 2026): Prices surged over $92, with forecasts suggesting $120–150 if the Hormuz blockade continues.
Impact on Thailand: Pump prices are expected to rise by 3–5 THB per liter within a week. Diesel may exceed 40 THB, driving up transport costs and consumer prices.

 

Gold Prices: From Safe Haven to Star Asset

Before the war: Gold hovered around $4,500–4,800 per ounce.
After the war (March 8, 2026): Prices soared to $5,300–5,400 per ounce, setting a new floor at $5,000. If the conflict escalates, gold could surpass $6,000.
Impact on Thailand: Domestic gold prices may break 100,000 THB per baht-weight by year’s end if fighting continues. Investors holding gold benefit, while newcomers face tough choices.

 

Currency Turmoil

USD strengthened immediately as a safe haven.
JPY and CNY weakened sharply due to heavy energy import needs.
THB depreciated under the pressure of surging oil prices.
 

Stock Markets

Asia-Pacific indices fell sharply, reflecting war-driven volatility and oil supply disruptions. Investors shifted funds into gold and other safe assets.

 

Conclusion

This is not just a Middle East war — it is a shockwave hitting costs, investments, and wallets worldwide. Rising oil, soaring gold, currency swings, and inflation are pressing hard on the global economy.

For businesses and investors, the key is to stay calm and adapt strategies quickly. Every shift in the Middle East now directly shapes costs and opportunities across the globe.

SO OK TRADING monitors these developments in real time, standing as your trusted partner in uncertain times.

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