Global energy and financial markets are bracing for turbulence following reports of a U.S.-Israeli strike on Iran, the death of Supreme Leader Ayatollah Khamenei, and an alleged blockade of the Strait of Hormuz by Iran's Islamic Revolutionary Guard Corps (IRGC).
U.S. President Donald Trump officially announced Khamenei's death on the 28th (local time). The IRGC stated through domestic media that it had "implemented a blockade of the Strait of Hormuz following the U.S.-Israeli invasion." While Iran's government has not officially confirmed the blockade, local media reported the strait is "effectively closed." Some vessels reportedly changed course after receiving communications believed to be from the Iranian navy. Bloomberg, citing ship-tracking data, noted some vessels continue to transit the waterway.
The Strait of Hormuz handles approximately 20% of global seaborne oil shipments, making it a critical chokepoint for energy supplies. Reuters reported that some oil companies and major trading houses have already halted crude and fuel shipments through the strait.
With international oil futures markets closed for the weekend, West Texas Intermediate (WTI) crude rose to $75.33 per barrel on IG Group's retail trading platform—roughly 12% above the previous close. Brent crude, the international benchmark, had closed Friday at $72.48 per barrel, up about 2.5% and its highest settlement since July last year. Year-to-date gains stand at approximately 20%.
Bloomberg Intelligence analysts Will Hares and Salih Yilmaz projected Brent could reach $80 per barrel in the near term. Barclays' energy research team warned that trading could face "worst-case conditions" when futures markets reopen on March 2. They forecast Brent could surge to $100 per barrel "due to potential supply disruption threats from deteriorating Middle East security conditions."
Cryptocurrency markets also tumbled amid rising risk aversion. Bitcoin fell as much as 3.8% to $60,338 before recovering to the $65,000 level in afternoon trading. Ethereum dropped 4.5% to $1,836 and was last trading around $1,950. CoinGecko estimated approximately $128 billion in market capitalization evaporated from digital asset markets immediately following the airstrikes.
On Hyperliquid, a derivatives platform operating 24 hours, silver trading volume exceeded $500 million—the most active among commodities—as investors sought safe-haven assets. Gold trading reached approximately $140 million.