Global oil prices surge 4 as Middle East tensions escalate: Markets plunge worldwide
Global oil prices surge 4 as Middle East tensions escalate: Markets plunge worldwide
Global oil prices surged more than 4% on Monday after Iran launched a fresh missile strike on Israel, deepening Middle East tensions and sending shockwaves through global markets. Brent crude futures jumped to $87.45 per barrel, while West Texas Intermediate climbed to $83.10, as traders priced in the risk of prolonged supply disruptions . The spike follows Sunday’s Iranian attack, which Israeli officials described as the most significant direct assault since the 1973 Yom Kippur War, raising fears of a broader regional conflict that could choke oil flows from the Persian Gulf.
Stock markets across Asia and Europe reacted with sharp declines, as investors fled risk assets amid the dual threats of geopolitical instability and a cooling artificial intelligence boom. Japan’s Nikkei 225 fell 2.8%, South Korea’s Kospi dropped 3.1%, and the Euro Stoxx 50 slipped 1.9% by midday trading . In Seoul, automated trading systems triggered a temporary halt in equity trading after the Kospi’s rapid descent. European benchmarks fared little better, with Germany’s DAX down 1.7% and Spain’s IBEX 35 retreating 2.3% from its recent record highs .
The selloff extended beyond equities, with the Indian rupee weakening 0.4% against the dollar as oil importers braced for higher import bills . Indian companies, already grappling with thin margins, announced price hikes and reduced packaging sizes to offset rising fuel and transport costs . Meanwhile, Dutch bank ABN Amro downgraded its 2026 growth forecast for the Netherlands, citing the Middle East conflict’s drag on trade and energy prices .
Analysts warned that the oil shock could exacerbate inflationary pressures in import-dependent economies, particularly in Southeast Asia. Vietnamese and Thai rice farmers, facing soaring chemical and transport costs, told *The Straits Times* they were either cutting production or passing higher prices to consumers, threatening food security in the region .
In currency markets, the Indonesian rupiah came under renewed pressure as global funds triggered a 36% plunge in the country’s benchmark stock index from its peak, forcing a repricing of risk across Southeast Asia . Gold, meanwhile, extended losses as investors bet on further U.S. interest rate hikes to combat inflation, with the metal dipping below $2,300 per ounce .
With no immediate signs of de-escalation, traders are bracing for further volatility. Saudi Arabia’s decision to slash July oil prices for Asian buyers underscored the fragility of demand in a market already roiled by uncertainty . As the week begins, the interplay between geopolitical risk and monetary policy will likely keep markets on edge, testing the resilience of a global economy still recovering from years of overlapping crises.
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