Because of the Iran war, gasoline prices are also expected to rise sharply in Switzerland.Image: KEYSTONE
Mar 2, 2026, 9:26 a.mMar 2, 2026, 9:31 a.m
The Swiss stock exchange started trading on Monday with heavy losses due to the war in the Middle East. The leading index SMI lost 1.5 percent at the opening and slipped to 13,773 points. On the Friday before the market closed, the index was at 14,014 points.
The military escalation in the Middle East also drove up the price of oil sharply on Monday. North Sea Brent oil reached its highest level since July 2024 at $82.37 per barrel (159 liters), and US oil reached its highest level since June 2025 at $75.33.
However, the prices have now fallen somewhat again. The price per barrel of North Sea Brent for delivery in April was only a good five dollars or around 7.5 percent higher at $78.05. The price of US West Texas Intermediate (WTI) oil rose by more than four dollars to $71.52.
However, the price of oil is likely to continue to rise in the coming days and weeks. “With retaliatory measures now evolving into attacks on oil tankers in the Strait of Hormuz, the threat to oil supplies has increased significantly,” ANZ analyst Daniel Hynes wrote in a note. Citigroup experts expect Brent prices to trade between $80 and $90 per barrel this week. (pre/sda)
***Update to follow. ***