Global stock markets plunged into the red on Monday as panicked investors counted the cost of Donald Trump’s chaotic new war in the Middle East.
With rocketing oil prices threatening to push up inflation around the world, forcing central banks to raise interest rates, share prices fell sharply as trading started for the week in Asia, Reuters reported. Japan’s Nikkei index fell 7 percent, after a 5.5-percent drop last week. The main South Korean index fell by 8.2 percent after falling more than 10 percent last week.
Brent crude, the worldwide benchmark for oil costs, rocketed up 27 percent Monday to $117.58 a barrel, marking its single biggest daily increase since 1988 and pushing prices into the triple digits for the first time since Russia invaded Ukraine in 2022, per Reuters and Axios.
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