Russian Energy Stocks Rally as Hormuz Closure Lifts Oil Nearly 10%
Russian Energy Stocks Rally as Hormuz Closure Lifts Oil Nearly 10%
MOSCOW, March 2, 2026 — Russian oil and gas stocks rose sharply on Monday after the reported closure of the Strait of Hormuz sent crude prices surging and investors scrambling into safe-haven assets.
Brent crude jumped nearly 10% in volatile trade, reflecting fears of supply disruptions through the strategic waterway, which handles roughly a fifth of global oil flows. The rally lifted shares of major Russian energy producers, which moved into positive territory as investors bet higher oil prices would bolster revenues.
Gold extended its gains, climbing above $5,400 an ounce as market participants sought refuge from escalating geopolitical risks.
The U.S. dollar firmed, while global equities remained under pressure amid concerns that sustained energy price spikes could fuel inflation and weigh on economic growth.
Analysts said markets are likely to remain highly sensitive to developments in the Gulf, with any prolonged disruption to shipping through Hormuz expected to intensify volatility across commodities and financial assets.
