Overview
- Brent crude spiked to roughly $119 a barrel before easing by about $14 after reports that G7 finance ministers discussed possible emergency oil reserve releases.
- India’s Sensex and Nifty closed down about 1.7% after sinking more than 3% intraday, as the rupee ended at a record-weak closing level near 92.35 per US dollar and foreign investors continued to sell.
- Wall Street fell more than 1% with volatility jumping above 31, travel and bank shares slumping, and energy names edging higher on the price surge.
- JPMorgan’s Andrew Tyler turned tactically bearish, warning the S&P 500 could drop around 10% from its peak if the war persists and oil stays above $100.
- Analysts flagged rising stagflation risk as higher fuel costs threaten growth and complicate rate-cut timelines, with India’s policy outlook seen pressured by elevated inflation.