March 3 markets: Brent $83.39 (+14.4%); Dow closes -355 (-0.73%), S&P -0.78%, Nasdaq -0.82%; gas jumps to $3.11

By March 3, 2026, Brent crude oil surged to $83.39/barrel, up 14.4% from the pre-crisis close of $72.87/bbl. WTI also up approximately 8.6%. On March 2, the Dow closed down 73 points (-0.15%) after dropping 600 earlier in the session; the S&P 500 finished +0.04% and Nasdaq +0.36%. Europe’s Stoxx 600 fell 1.61%; Japan’s Nikkei 225 dropped 1.35%. Defense stocks outperformed with Lockheed Martin +5% and Northrop Grumman +5% in premarket. Airlines were the largest sector losers globally. Gold rose 2%, US dollar index gained 0.95%. By March 3, stock futures were trending sharply negative (~-2%) amid escalating conflict concerns and Rubio’s ‘hardest hits still to come’ warning.

VLCC (Very Large Crude Carrier) benchmark freight rates surged 94% from Friday to Monday, reaching a record $423,736 per day. National average US gasoline price reached $2.99/gallon as of March 2, up 6 cents from a week prior, with analysts predicting 5-10 cents daily increases through the week.