Oil and gold pull back from peaks while equity futures remain under pressure

CoinDesk

by James Van Straten

March 2, 2026

AI-Generated Deep Dive Summary

U.S. equity futures dropped in pre-market trading as tensions between the U.S., Israel, and Iran escalated, causing oil and gold prices to retreat after their earlier surge. The conflict led to significant volatility across financial markets, with investors seeking safer assets like gold and Bitcoin. While oil prices initially spiked due to Iranian retaliatory actions, including a strike on a Saudi Arabian refinery, they have since moderated slightly but remain elevated. Similarly, gold prices surged over 2% in response to the geopolitical uncertainty, reaching near-record highs as investors sought traditional safe havens. The Invesco QQQ ETF, which tracks Nasdaq 100 tech stocks, saw early losses of 1.5%, though these began to ease, suggesting initial market concerns may have been overstated. Cryptocurrency markets showed mixed performance, with Bitcoin holding steady above $66,000 and gaining around 1% over the past day. This resilience contrasts slightly with broader crypto-related stocks, such as MSTR and BLSH, which saw declines of up to 4%. Additionally, AI-focused crypto firms like Cipher Digital and IREN also experienced drops, reflecting a divergence from Bitcoin's relative stability. The U.S. dollar index (DXY) strengthened to 98.2 amid heightened market uncertainty, while volatility indices for the S&P 500 (VIX) and U.S. bond markets climbed by over 10%. These metrics highlight increased investor nervousness as the conflict entered its third day. Bitcoin's performance in this risk-off environment underscores its role as a store of value, particularly during periods of geopolitical instability. While traditional safe-haven assets like gold and oil have seen significant gains, crypto markets remain volatile, with altcoins mirroring Bitcoin's movements but showing varied outcomes. For readers interested in crypto, the interplay between traditional markets and digital assets is crucial. Bitcoin's resilience suggests it is gaining traction as a hedge against geopolitical risks, while broader market volatility indicates that crypto remains closely linked to global economic sentiment. The divergence between Bitcoin's performance and other crypto-related stocks highlights the growing complexity of the cryptocurrency ecosystem, where different segments can behave independently depending on market conditions. This situation underscores the importance

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Originally published on CoinDesk on 3/2/2026