Oil Price Spike Weighs on Global Market Sentiment

Market sentiment has taken a hit due to the recent surge in crude oil prices and escalating geopolitical tensions in the Middle East.

The increase in fuel costs has raised concerns about inflation, weighing heavily on market sentiment alongside fears of an impending Fed rate hike.

Wall Street Futures are trading below the flatline, while major European benchmarks have shown a mildly positive note. Asian markets finished trading mostly in the red earlier today.

The six-currency Dollar Index has dropped by over a quarter percent, and ten-year sovereign bond yields have softened across the board.