economy
March 9, 2026
European markets close lower as oil price surges amid Middle East turmoil
European stocks started the new trading week sharply lower as traders tracked developments in the Middle East and a surge in oil prices.
TL;DR
- European stocks closed sharply lower, with major bourses and most sectors declining.
- Oil prices surged above $110 per barrel, reaching levels not seen since early 2022.
- The energy price increase is linked to production cuts by Middle Eastern oil producers and the closure of the Strait of Hormuz.
- Government bond yields in Europe rose sharply due to inflation concerns driven by the war in Iran and surging oil prices.
- U.S. stocks also plunged, and Asian markets tumbled overnight amid fears of economic slowdown.
- Donald Trump commented on the rise in oil prices, linking it to the destruction of Iran's nuclear threat.
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