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Global Stocks Slide as Oil Prices Surge Amid US-Iran Stalemate

Guavy AI Editorial Team
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Oil
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Global stocks fell on Monday as oil prices jumped due to the stalemate in US-Iranian talks. The Strait of Hormuz, a critical waterway, remains closed after US President Donald Trump rejected an Iranian proposal to reopen it.

Oil futures rose by up to 3% to $107.16 a barrel, with Brent crude nearly 50% higher than its pre-war price in late February. Refining capacity issues have led to record diesel prices and raised concerns about inflation embedding in wage decisions.

Central banks, including the Reserve Bank of Australia, are expected to raise interest rates this week as markets anticipate a second consecutive rate hike by the Federal Reserve in October.

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