Market News

S&P 500 Index futures are down 1.1% as of 7:49 a.m. in New York as the Iran war pushes the price of oil above $100 per barrel for the first time since 2022.

US stocks are poised to extend a selloff after the biggest weekly drop since October, as the prospect of a prolonged war in Iran sent energy prices soaring and stoked fears over inflation.

A release from strategic reserves is unlikely to fully resolve the current oil disruption.

Saudi Arabia has started reducing oil production, following similar moves by the United Arab Emirates, Kuwait and Iraq, as the near-blockage of the critical Strait of Hormuz starts filling up storage tanks. Joumanna Bercetche reports on Bloomberg Television. (Source: Bloomberg)

Dangote Fertiliser Ltd., one of Africa’s biggest producers of crop nutrients, has seen a substantial increase in demand for its products as the US-Israel war on Iran disrupts supplies.

Iran continued loading crude onto tankers at its Kharg Island oil terminal on Saturday, a week after the US and Israel launched air attacks against the Persian Gulf country. It’s unclear whether loading operations have continued, with no new satellite images since then.

Italy’s push to shake off fiscal scrutiny by the European Union is in danger of being jolted by an extended Middle East crisis, Scope Ratings said.

Saudi Arabia has started reducing oil production as the near-blockage of the critical Strait of Hormuz starts filling storage tanks, according to a person familiar with the matter, even as it rushes to reroute some supplies through the Red Sea.

The head of Canadian insurer and money manager iA Financial Corp. is hunting for a multibillion-dollar acquisition after the firm reached a record valuation at the beginning of the year.

South African government bonds extended their worst selloff since the Covid pandemic as concern mounted that soaring oil prices and a weaker rand will fuel inflation, forcing the central bank to resume interest-rate increases.

Crude pares gain and stocks recover from lows on prospect that governments will release oil reserves.

Four Chinese-run nickel plants in Indonesia have shut down temporarily after a deadly landslide last month at a waste area used by one of the facilities, a sign that companies are being forced to respond to greater official scrutiny of the sector.

Pakistan’s central bank held its key policy rate after oil prices surged as the Strait of Hormuz remained largely closed and the US threatened to deepen a conflict that has upended energy markets.

Asia’s energy-importing economies are scrambling to contain the impact of a widening Middle East war that has upended oil and gas markets and is now battering ordinary buyers, from farmers to car manufacturers and crematorium operators.

It was one of Wall Street’s hottest trades, but a trifecta of troubles has ushered in one of the steepest drawdowns for momentum stocks in years.

Submarine components supplier Gabler Group AG’s shares rose as much as 13.6% on their first day of trading in Germany, buoyed by strong demand among investors for European defense firms.

Traders amped up bets on interest-rate hikes from the European Central Bank and the Bank of England as soaring energy prices fueled fears of an inflation spike.

A measure of credit risk jumped and bond sales in Europe were put on hold on concerns that soaring oil prices and a prolonged war in the Middle East will weaken corporate balance sheets and heighten repayment risks.

The Group of Seven finance ministers are set to discuss a possible joint release of oil reserves on Monday, according to people familiar with the matter, as the Middle East war chokes flows from the region and sends prices soaring.

Global bond markets fell on Monday as an oil price shock prompted investors to price in higher inflation and a deteriorating economic growth outlook.