International News 10 March 2026
-
Asian Stocks Tumble as Oil Prices Spike
Asian stock markets declined sharply on Monday (9/3) as a surge in global oil prices fueled concerns over rising inflation. The spike in energy costs has raised fears of higher living expenses and the possibility that central banks may keep interest rates elevated for longer. Amid the growing uncertainty, investors increasingly shifted toward the U.S. dollar in search of liquidity and safe-haven assets. Crude oil prices jumped significantly as geopolitical tensions in the Middle East intensified. Brent crude surged 27% to US$117.58 per barrel, marking its largest daily gain since at least 1988, after rising 28% the previous week, while U.S. crude (WTI) climbed 28% to US$116.51 per barrel. The situation worsened after Iran appointed Mojtaba Khamenei as the successor to Supreme Leader Ali Khamenei, signaling continued hardline leadership in Tehran. Analysts also warned that the market could be facing the worst oil supply shock since the 1970s, especially as oil tankers remain hesitant to pass through the Strait of Hormuz, a key global energy shipping route.
G7 Considers Emergency Oil Reserve Release to Ease Surging Energy Prices
Finance ministers from the Group of Seven (G7) countries are scheduled to discuss the possibility of a coordinated release of emergency oil reserves on Monday. The move is being considered in response to the recent surge in global oil prices, which has been driven by rising geopolitical tensions and disruptions to energy supply. According to international media reports, the discussions are expected to involve coordination with the International Energy Agency (IEA), which has an established mechanism for releasing strategic oil reserves to help stabilize global energy markets during periods of supply shocks or crisis.
Wall Street Futures Tumble as Oil Approaches $120 on Escalating Iran Conflict
Global financial markets experienced renewed volatility at the start of the week. U.S. equity index futures fell by more than 1% on Monday, while crude oil prices surged sharply as geopolitical tensions in the Middle East continued to escalate with little sign of easing. The sharp rise in energy prices has intensified investor concerns about mounting global inflationary pressures, raising the possibility that interest rates may remain elevated for longer than previously anticipated. Crude oil prices climbed more than 25%, approaching the level of US$120 per barrel, while the U.S. dollar strengthened as investors sought safe-haven assets amid rising geopolitical uncertainty. The surge in energy costs has also fueled speculation that the Federal Reserve may need to maintain higher interest rates for an extended period, reflected in the U.S. 10-year Treasury yield reaching its highest level in over a month. Meanwhile, geopolitical tensions deepened after Iran appointed Mojtaba Khamenei as the successor to his father, Ali Khamenei, as the country’s Supreme Leader, a move widely interpreted as a signal that hardline factions continue to maintain political control in Tehran.