Oil Prices Jump as Conflict Escalates Near Strait of Hormuz - March 2026
Global oil prices surged and stock markets fell as escalating conflict in the Middle East led to attacks on ships near the Strait of Hormuz. Thailand responded by ordering an immediate suspension of oil exports and establishing an emergency energy monitoring center amid heightened tensions. The ongoing Middle East crisis has significantly impacted air travel, with Jomo Kenyatta International Airport experiencing a surge in parked aircraft as Gulf carriers rerouted flights. Tokyo stocks experienced a downturn with the benchmark Nikkei index dropping over 2 percent following joint military strikes by the United States and Israel on Iran. Meanwhile, Kenya's vital tea export sector faces significant uncertainty due to the escalating crisis, disrupting supply chains to key Gulf markets.
