Bombings in Iran have entered their third day, with the Red Crescent reporting 555 deaths as of Monday, March 2, 2026, amid attacks by the United States, and Israel. A key development is the expansion of Israeli military operations into Lebanon.
International agencies, including EFE, are highlighting growing concerns about the price of oil. The conflict is already impacting crude prices, with Brent – the European benchmark – surging 9.88% to $80.02 per barrel, a level not seen since late June.
The price of gas also jumped 26.87% today.
What effects could the conflict have on Chile?
Juan Nagel, an economist and academic at the School of Business at the Universidad de los Andes (Uandes), warns that “there will be a lot of volatility in the coming days” as a result of the situation.
The conflict between Iran and the United States has created a new scenario of uncertainty in international markets. Beyond the political and military dimensions, Nagel emphasized that the economic focus is on oil and how this could impact household finances in countries like Chile.
He believes that any disruption to Iranian crude shipments could cause significant fluctuations in both stock markets and international oil prices and their derivatives.
The expert explains that while many countries have strategic reserves to address supply disruptions, the impact on values will depend on how the conflict evolves and the reaction of other key players in the energy market.
Impact on China and indirect effects in Chile
In a statement released by the university, Nagel stated that “the price of oil is going to increase,” though he acknowledges that “how much and where” remains uncertain.
The academic notes that approximately 90% of Iranian crude is purchased by China, making that market the first to feel the effects of any potential restrictions, particularly in its electricity generation.
Regarding the local scenario, the Uandes academic urges calm.
“There is no need to panic, the supply of fuel and crude oil in Chile is assured,” he affirmed, as the country has a diversified import matrix, reducing the risk of shortages. However, he warns that there could be effects via international prices, both on the value of crude and refined products.
The dollar
Finally, the economist anticipates that the price of the dollar could strengthen amid increased global uncertainty.
“In these types of situations, investors tend to seek a safe haven,” he notes, which could translate into greater demand for the U.S. Currency and, eventually, appreciation against the peso.
Nagel insists that “weeks and days of considerable uncertainty and volatility” are ahead, bringing a period of adjustments as the international political and economic landscape is reconfigured.
