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Collinson FX: March 6: Oil and Gas prices surge on back of Middle East War

by Collinson FX 5 Mar 14:24 PST 9 February 2026
Sunbursts racing in the Wakatere Boating Club Centennial - Sunday March 1, 2026 © Richard Gladwell - Sail-World.com/nz

March 6: Oil and gas prices surged again overnight, driving market fears of energy supplies and the impact on inflation.

The Middle East war is only escalating and shipping is under attack from both the US and Iran. The safe haven of the US Dollar again attracts flows, with the EUR surrendering 1.1600, while the GBP plunged to 1.3300. Economic data is taking a back seat to the Middle East crises, although attention will be paid to tonight’s, Non-Farm Payroll number.

Asian markets followed the rebound in the US markets previous session, with the South Korean Kospi gaining more than 10%, on the day. This is likely to reverse today, considering the declines suffered on US and European bourse overnight. Commodity currencies were punished by the rising reserve, with the AUD dipping below 0.7000, while the NZD crashed under 0.5900. The Middle East war will continue to dominate markets going into the weekend.

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