On March 2, affected by the escalation of the Middle East situation, the global commodity market experienced violent fluctuations. International crude oil and gold prices soared sharply, and domestic related futures contracts strengthened simultaneously. This was the first trading day after the US-Israel joint military strike on Iran, and market risk aversion continued to heat up.

In terms of international crude oil, Brent and WTI crude oil prices opened with jumps of 13% and 12% respectively, hitting intraday highs of 82 US dollars per barrel and 75 US dollars per barrel, the highest since July 2025. Although they pulled back later, they still maintained an increase of about 8%. The domestic crude oil main contract hit the daily limit at the opening, opened briefly in the session and then sealed the daily limit again, driving the collective rise of oil chemical varieties. Many futures main contracts such as Shipping Europe Line and Fuel Oil hit the daily limit.

As a traditional safe-haven asset, gold performed prominently. London gold opened above 5,350 US dollars per ounce, stood above 5,400 US dollars per ounce in the afternoon, rose more than 2% intraday, and then pulled back slightly. Domestic gold futures opened with a gap higher, forming a linkage with international gold prices. Analysts pointed out that the intensification of geopolitical conflicts has pushed up safe-haven demand, which is the core driving factor for the rise in gold and crude oil prices.

In addition, European natural gas prices soared more than 50% intraday because Qatar Energy announced that its facilities were attacked and suspended liquefied natural gas (LNG) production. Almost all of Qatar’s LNG is transported through the Strait of Hormuz, which carries about one-fifth of the world’s total crude oil trade. The industry expects that if the geopolitical situation continues to escalate, commodity prices will remain highly volatile.