Stock markets plunge after oil surges over $100 a barrel – business live

2026-03-09 - 07:53

Rolling coverage of the latest economic and financial news, with oil on track for its biggest daily jump since 2020 Iran war drives oil prices above $100 a barrel for first time since 2022 Donald Trump’s claim that the surge in the oil price is “a very small price to pay” has added to the sense that neither side is showing any signs of de-escalation, says Jim Reid, market strategist at Deutsche Bank, adding: Another important thing from the weekend is that we saw oil infrastructure targeted by both sides. This is an escalation from last week where this was, on the whole, avoided. Bombing of oil depots in Iran not only sent oil prices surging but also shows the shift in war strategy. Qatar indicated that war will force Gulf countries to stop energy exports within weeks. The attack on the desalination plant suggest that the human cost of the war is likely to increase over the coming days. Iran has confirmed Mojtaba Khamenei as its new Supreme Leader, a move that is unlikely to be acceptable to the US. Iran increased its missile attack over the weekend, though some reports suggest that it may limit its attacks on other gulf countries. FT reported that G-7 countries may discuss emergency oil reserve release to help with oil prices. Continue reading...