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Oil suffers biggest one-day gain in six years as stocks plunge
Brent crude rose over 20% to about $114 a barrel due to supply fears from attacks on energy routes and output cuts amid the US-Israeli conflict with Iran, fueling inflation concerns.
- On Monday, Brent crude surged more than 20% to $114 a barrel as stock markets across Asia fell early, with South Korea's KOSPI plunging over 6%.
- Output curbs by Gulf producers and attacks on energy infrastructure, along with threats to Strait of Hormuz shipping, reduced supply and triggered market shocks.
- Investors fled to US Treasuries as equities and bitcoin plunged, while spot gold fell 1.9% to $5,075.07 an ounce and silver dropped 3.1% to $81.90.
- Bruce Kasman warned that Brent could spike to $100 in the near term and said the shock reduces chances of rate‑cuts, as the global economy depends on Mideast oil flows.
- With oil up 28% last week, Ed Meir, metals analyst at Marex, said a swift end would weaken the dollar and lift gold, while a prolonged war risks higher yields and fewer rate cuts.
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Oil price today: Markets shaken as oil hits $100 — stocks tumble, bonds fall: key signals for investors
Oil price today March 09 news: Oil prices above $115 shake global bond markets. Crude briefly jumped 28% to nearly $120, the biggest surge since 2022. The spike follows the escalating U.S.–Israel–Iran war and fears of disruption in the Strait of Hormuz. Investors now expect higher inflation and fewer interest-rate cuts from the Federal Reserve and European Central Bank. Global bond yields are rising fast. Markets fear a new oil shock and stagflat
·India
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Oil's rise towards $120, a stronger dollar and fears of higher interest rates are weighing on gold as the war in the Middle East intensifies market volatility.
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