Asian central banks monitoring FX volatility amid oil shocks

- By FX Markets Staff
- @FXMarkets_
- 02 Mar 2026

Central bankers in Asia have intervened or are closely monitoring market developments stemming from the outbreak of conflict in the Middle East.

The US and Israel on February 28 launched a co-ordinated attack on Iran. Soon afterwards, Iran retaliated by launching drones and missiles targeting Israel and US military bases in several Gulf countries, including Kuwait, Qatar and the United Arab Emirates.

Energy prices soared after the conflict broke out. Brent crude, the global benchmark for oil

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