TL;DR

  • Brent crude rises to $92 a barrel following a fresh escalation in the Iran conflict
  • Asian equity markets show scattered movements – no clear direction
  • US futures attempt a cautious recovery after turbulent trading
  • Crypto reacts as a risk asset: Bitcoin trades around $62,500 with a fear-and-greed index reading of 12/100

The Iran conflict pushes oil prices higher

The ongoing military escalation between the US and Iran is sending Brent crude to $92 per barrel, according to Seeking Alpha. That is a level causing concern in financial markets globally, as high energy prices have historically acted as a drag on broader economic growth.

The conflict has been running for several months. As early as February 2026, the escalation triggered sharp market reactions, and the situation shows no signs of calming in the near term.

Brent crude at $92 – the highest level during the ongoing Iran conflict
Iran conflict escalates: Brent crude above $92 and Asian markets split - Bilde 1

Mixed signals from Asia

Asian equity markets are presenting a mixed picture on Thursday morning. While some indices manage to hold relatively steady, others are retreating in line with rising risk aversion among investors. There is no clear consensus on direction, reflecting the uncertainty that characterises the current geopolitical landscape.

Norwegian investors should note that the rise in oil prices is, in isolation, positive for Norwegian energy stocks and the state budget, but that the broader risk aversion may dampen appetite for the more volatile growth stocks listed on the Oslo Stock Exchange.

Iran conflict escalates: Brent crude above $92 and Asian markets split - Bilde 2

US futures search for footing

Despite the unsettled climate, US futures contracts are attempting to recover from recent losses. It remains uncertain, however, whether this move has sufficient momentum to reverse the negative trend, given that geopolitical risk continues to be the dominant force in the market.

$92
Brent crude (barrel)
12/100
Fear-and-greed index

Bitcoin reacts as a risk asset

In times of crisis, cryptocurrencies consistently behave as high-beta risk assets rather than safe havens. When the military conflict between the US and Iran escalated in February 2026, Bitcoin fell more than 6 percent to below $63,500, Ethereum dropped nearly 9 percent, and total forced liquidations across the network reached around $494 million within 24 hours, according to market data cited in analyses from that period.

Bitcoin is trading around $62,549 today – and a fear-and-greed index reading of just 12 out of 100 points signals extreme fear in the market.

There are nuances, however. After the initial shock reaction in March 2026, Bitcoin actually rose 7 percent over a two-week period, while gold fell 2 percent and the Nasdaq 100 slipped 0.5 percent, suggesting that crypto can at times move against the tide. MetaEra has nonetheless summarised it this way: "Bitcoin has repeatedly underperformed gold during major geopolitical crises – it behaves more like a risk asset than a safe haven."

What happens next?

Market participants are now closely watching for any diplomatic signals or military developments that could rapidly shift the risk picture. The further trajectory of oil prices will be critical: if Brent breaks higher from $92, it could amplify global inflationary pressures and complicate central bank policy – which in turn would put additional pressure on risk assets, including equities and cryptocurrencies.

For Norwegian energy companies such as Equinor, high oil prices represent increased revenues in isolation, but the overall risk aversion across markets makes the picture more complex than a straightforward oil price windfall.