Global Markets Plunge Amid Rising Oil Prices and Rate Hike Fears

The global financial markets are experiencing a downturn due to rising crude oil prices, surging bond yields, and anxiety surrounding artificial intelligence (AI) themes.

Ahead of interest rate decisions by key central banks, market sentiment has become increasingly negative. Although the likelihood of a quarter-percentage rate hike by the Federal Reserve on September 16 remains high at 92.5 percent, it has edged down from Monday's highs.

Wall Street Futures are trading in the red, and major benchmarks in Europe are mostly trading negatively. Earlier today, Asian markets closed on a heavily negative note.

The six-currency Dollar Index has gained nearly a quarter of a percent due to increased rate hike worries. Crude oil prices have risen amidst concerns over energy supply disruptions from the Middle East region.