Global Markets Wobble Under Oil Price Spike and European Turmoil

Global markets are facing increased uncertainty due to rising oil prices and political tensions in Europe. Brent crude futures have surged by 1.3% to $97.5 per barrel, while diesel prices have reached record highs. This has led to expectations of interest rate hikes from central banks worldwide.

The euro is also experiencing a decline, making it one of the weakest-performing major currencies against the dollar this year. The far-right Alternative for Germany party's recent electoral success has contributed to the rising political tensions in Europe.