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Stock 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.
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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…
·Dubai, United Arab Emirates (the)
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Crude oil prices spike as a broadening Iran war threatens both transport routes and production
Oil prices continued to soar as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets. The price for a barrel of Brent crude, the international standard, surged to as high $119.50 per barrel…
·Cherokee County, United States
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Total News Sources89
Leaning Left17Leaning Right9Center35Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 28%
C 57%
15%
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