One month of Iran war wipes $11.5 trillion from global markets

Global equity markets have shed trillions of dollars in value over the past month as investors fled risk assets in the face of a historic energy shock triggered by the US-Israeli war against Iran. Since hostilities began on February 28, the Bloomberg World Exchange Market Capitalization index, which tracks dozens of stock exchanges worldwide, has fallen from $157.5 trillion to $146 trillion—a loss of $11.5 trillion in just four weeks.

Oil surges, equities tumble across major markets

The conflict, which has seen Iran target energy facilities across the Gulf region and effectively close the Strait of Hormuz to most commercial shipping, sent oil prices soaring approximately 45%. Meanwhile, gold declined around 15% as markets recalibrated. The S&P 500 alone lost more than $5 trillion in March, with the index dropping 7.4% over the month. The Dow Jones Industrial Average fell 7.8%, while the Nasdaq composite declined 7.6%. European markets suffered even steeper losses, with Germany’s DAX plunging 11.8% and France’s CAC 40 dropping 10.2%. The pan-European Stoxx 600 fell 9.2%, while the UK’s FTSE 100 declined 8.6%.

Asian markets suffer broad-based declines

Asian markets also felt the shockwaves, with the Asia Dow dropping 10.2% over the period. Japan’s Nikkei 225 fell 9.3%, South Korea’s Kospi tumbled 12.9%, and India’s Sensex lost 9.5%. Hong Kong’s Hang Seng declined 6.3%, while China’s Shanghai Stock Exchange fell 6%. Türkiye, which has maintained its position as a regional energy hub and advocated for diplomatic de-escalation, has closely monitored the economic fallout as the conflict threatens global supply chains and energy security with direct implications for its own economy and trade routes.