Iran war 2026: Impact on Brent Crude and WTI Oil Prices - 2.3.2026

The U.S. Dollar Index remains under pressure, hovering near the 97.90 level as traders price in a 60% probability of a Fed rate cut in March.

• AUDUSD: The Aussie remains a top pick for many analysts. It is supported by a hawkish Reserve Bank of Australia and steady commodity prices. Bias: Moderately Bullish with targets toward 0.7150.
• EURGBP: This pair is seeing some consolidation. While the ECB remains steady, the British Pound is facing obstacles from UK political uncertainty and expectations of a BoE rate cut.
• EURUSD: The Euro is in a cautious bullish phase. While it hit resistance near 1.1840, analysts see it as range bound until the NFP data provides a clearer dollar direction.
• USDJPY: Volatility is high here, speculation of BoJ rate hike, and verbal intervention from Japan’s Finance Ministry are keeping the Yen strong.

The global equity rally showed some signs of exhaustion late last week, but the long term structural bull market remains the consensus among major firms like Evercore ISI and Morgan Stanley.

• ASX 200 - Bullish - Just hit a new record; miners are leading the charge.
• Dow Jones - Positive - Analysts see a rotation into "value" stocks as rates ease.
• Nasdaq - Cautious - AI-driven gains are facing some "valuation fatigue.
• Nikkei 22 - Strong - Poised to outperform due to corporate earnings and BoJ policy.
• S&P 500 - Steady - Analysts maintain a 12-month target of roughly 7,750.

Oil markets are entering March with significant upward momentum. Prices rallied sharply following U.S. and Israeli war on Iran. Analysts at Capital Economics note that even if strikes remain limited, Brent could quickly reach $80/bbl. However, a prolonged conflict or a closure of the Strait of Hormuz could see prices skyrocket toward $100–$140/bbl.

• Brent Crude: Trading at $77.09. The global benchmark has surged from $61 at the start of the year, recently hitting a 7 month high.
• WTI Crude: Trading at $71. U.S. crude is testing key resistance levels near $75, driven by a combination of tight positioning and regional instability.

The crypto market is currently enduring a deep crypto winter.

• Bitcoin (BTC):Trading near $66,000. It recently dropped below the $65k mark, triggering liquidations. Analysts say it must hold the $62,000 support level to avoid a slide toward $60k.
• Ethereum (ETH): Trading around $1,900. ETH is down significantly from its 2025 peaks. While bulls expect a "thaw" soon, the current sentiment remains defensive amid macroeconomic uncertainty.