US EditionStock markets shudder worldwide after oil prices briefly spike to nearly $120 per barrel
Oil prices surged nearly 60% since the conflict began, disrupting supply through the Strait of Hormuz and triggering sharp global stock market declines, analysts said.
- On Monday, global stocks fell as oil traded above $100 per barrel, with the Dow falling 678 points, or 1.43%, and US crude surging 11% to $101.
- Amid the Iran war, disruptions to the Strait of Hormuz have halted 20% of global oil consumption, while Gulf oil producers announced further production halts and Bahrain's NOC declared force majeure.
- Market breadth weakened: the S&P 500 fell 1.28%, and the Nasdaq sank 1.2%, with Japan's Nikkei dropping 5.2% Monday and Europe's Stoxx 600 sliding 1.43%.
- Investors shifted into safe assets, as the 10-year Treasury yield rose to 4.15% despite the February jobs report showing 92,000 jobs were shed, and analysts warned of stagflation.
- Brent crude briefly rose to nearly $120 before paring gains after a Financial Times report that G7 finance ministers may meet, while Mojtaba Khamenei was named the next supreme leader in Iran.
106 Articles
106 Articles
Oil prices hit highest since 2022
Here are today’s headlines – the latest news in the Philippines and around the world: Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt Oil prices jump the highest since 2022, amid conflict in the Middle East. In the Philippines, Energy Secretary Sharon Garin tells a congressional panel that Tuesday’s oil price hike will be the highest jump in history. Meralco’s March power rates up; customers urged to be ‘ener…
Iran war stifles shipping through Hormuz: ‘Unprecedented’ fallout for oil markets & global economy
François Picard is pleased to welcome Jon Marks, Author, Political Scientist and Chairman / Founder of Cross-border Information. As someone who has followed energy markets for decades, Mr. Marks warns we are in uncharted waters: the current crisis does not neatly resemble any of the previous shocks. Analysts instinctively search for historical parallels: the oil shocks of the 1970s, the tanker wars of the 1980s, or the market upheaval following …
They are the ones outlined by Pictet. In the worst case (but extremely unlikely) equity would get to lose 50%
GLOBAL STOCKS CRASH AS OIL NEARS $120 AMID MIDDLE EAST CONFLICT
Emirates 24/7 — Global stock indices and U.S. equity futures plummeted on Monday as oil prices surged toward $120 per barrel, driven by the escalating conflict in the Middle East. The sharp rise in energy costs has cast a long shadow over global economies, particularly those heavily reliant on crude oil and gas imports.In the United States, futures for the S&P 500, Nasdaq, and Dow Jones Industrial Average all retreated by more than 1.5%. The con…
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