"The doomsday some oil analysts believed could never happen was coming to pass. The price of oil briefly hit $119 per barrel this morning and stock markets fell sharply across the world as it became clear that the war would become worse before it got better."
"Finance ministers from the G7 are set to meet at 8:30 a.m. New York time to discuss releasing reserves held by the International Energy Agency, according to the Financial Times. There's only one problem with that: They only have a one-month supply."
"High oil prices essentially rescue Russia's ailing oil export industry, providing Moscow with fresh foreign currency. The war is having the effect of helping Russia in its conflict with Ukraine, even though Russia has been accused of supplying intel to Iran that might endanger U.S. troops."
Global financial markets experienced significant declines as geopolitical tensions with Iran intensified on day 10 of conflict. Oil prices surged past $119 per barrel, triggering widespread market selloffs across all major indices. The S&P 500 futures dropped over 1%, while Asian markets suffered severe losses with Japan's Nikkei falling 5.2% and South Korea's KOSPI declining 5.96%. European markets also declined sharply, with the FTSE 100 down 1.4% and Stoxx 600 falling 1.85%. The VIX volatility index reached elevated levels. G7 finance ministers planned emergency meetings to discuss releasing International Energy Agency reserves, though supplies were limited to one month. The conflict's escalation raised concerns about prolonged market instability and economic consequences.
Read at Fortune
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