Global commodities experienced violent fluctuations on March 2, driven by the escalation of geopolitical tensions in the Middle East, which triggered a surge in safe-haven demand and concerns about energy supply disruptions. International crude oil futures led the gains, with Brent crude oil jumping 8.2% to close at 80.5 US dollars per barrel, while WTI crude oil rose 7.8% to 73.2 US dollars per barrel, both hitting their highest levels since July 2025. The sharp rise came after the US-Israel joint military strike on Iran, which raised fears of further conflicts and potential disruptions to oil supply in the region.

Gold, a traditional safe-haven asset, also performed strongly, with London gold prices rising 2.3% to 5380 US dollars per ounce, as investors sought refuge from market volatility. Domestic gold futures in China opened with a gap higher, closely following international prices, while gold-related stocks listed on the A-share market also saw significant gains. In addition, European natural gas prices surged more than 50% intraday, after Qatar Energy announced that its key LNG production facilities were attacked and had to suspend operations temporarily.

The Strait of Hormuz, a critical energy transportation channel that carries about one-fifth of the world’s crude oil and almost all of Qatar’s LNG exports, became the focus of market attention. Any disruption to shipping in the strait could severely impact global energy supply, further pushing up prices. Analysts noted that the current surge in commodities is largely driven by short-term geopolitical risks, and if the Middle East situation continues to escalate, commodity prices may remain highly volatile in the coming weeks. However, if tensions ease, prices could pull back as supply concerns subside.