100 days of the Iran war: How global markets and the economy have been affected, in charts

Published Sun, Jun 7 20261:00 AM EDTUpdated Mon, Jun 8 20262:20 AM EDT

Chloe Taylor@ChloeTaylor141

Key Points：

·        The conflict has impacted asset prices across all regions since it began.

·        Inflation has begun to rise in several major economies as the war pushes energy costs and the price of other commodities upward.

Negotiations between the U.S. and Iran have stagnated, with Washington and Tehran sending mixed messages on the state of peace talks and both sides periodically exchanging bouts of military attacks. Nevertheless, a fragile ceasefire remains in place to allow for diplomacy to take place.

Feb 28，2026  War begins。

June 7,2026,   War 100 days

As the conflict drags on, pressure continues to mount on certain economies and pockets of financial markets.

Wall Street bulls shrug off the war （华尔街看涨者对这场战争不屑一顾）

In the immediate aftermath of the U.S. and Israel’s initial strikes against Iran, stocks across the globe sold off. While shares listed in some markets have struggled to regain momentum, Wall Street’s major averages have wiped out initial losses as investors look through the war, higher oil prices and the impact of the conflict on inflation. The S&P 500 has hit new all-time highs even as the war continues.

Oil prices have cooled — but concerns linger

The Strait of Hormuz — a critical oil shipping route in the Middle East — has been essentially shut down for the duration of the war, resulting in major oil price swings as traders have reacted to headlines around missile strikes, peace talks and ceasefires.

Although prices have fallen considerably from their wartime highs, they remain far higher than where they were trading before the conflict began. Global benchmark Brent crude oil futures are trading about 36% above their pre-war price, while U.S. West Texas Intermediate futures are still up by almost 50%.

The blockade of the Strait of Hormuz, alongside damage to and closures of key energy production facilities in the Middle East, has created severe supply constraints.

The supply issues have forced oil importers to look for alternative suppliers. The last 100 days has seen a rise in U.S. crude exports — something Tamas Varga, an analyst at PVM Oil Associates, said is one of the “ostensible mitigating factors hindering a significant price rally” in crude markets.

“These include Strategic Petroleum Reserve release, sanction waivers on Iranian and Russian oil on water, reduced Chinese oil imports, alternative routes to ship oil from the Persian Gulf to Asia and Europe, increased U.S. exports of crude oil and refined products and finally, demand destruction,” he said.

But he added that if oil inventories continue to deplete throughout June, they will reach their critical operational levels and the race for securing supply will intensify. If that happens, he said, “a break back over $100 will be imminent.”

“It is imperative that the Strait reopens as soon as possible to ease supply shortages and, consequently, inflationary pressure,” Varga added.

Inflation on the rise

Economic data has started to show the broader impact the war is having beyond financial markets.

As the ongoing war keeps energy costs high, inflation prints across various major economies have begun to show prices rising — driven by surging costs of oil, gas, jet fuel and gasoline.

In the U.S., the consumer price index hit an annual rate of 3.8% in April, its highest level in almost three years.

Dwindling energy supplies from the Middle East have been a major driver of inflation upticks, although surging prices have prompted government interventions from some countries, including Germany and India.

Paul Surguy, managing director at Kingswood Group, questioned whether markets have become “collectively numb to global warfare.”（ 集体对全球战争麻木。）

“Are we seeing if not a return to the TACO trade, simply general apathy to the constant changes in policy from the White House?” he said.

“To the first, for humanity, I would hope not. The second, we have seen this play before — the significant market movements early in the trade debate were gut wrenching, as time moved on changes to tariffs might not even register on the tape.”

“What we can see is that support for the war in the US is at all-time lows, military funding is at all-time highs and both sides are undoubtedly looking for a face-saving exit. This, rather than the current state of play, is likely to be impacting the longer-term price of oil. Nobody wants to be here in six months.”

— CNBC’s Bryn Bache, Emilia Hardie and Emma Graham contributed to this report.