Oil Price Surge Sparks Global Market Jitters

A surge in crude oil prices has weighed heavily on global market sentiment, causing concerns about fuel-led inflationary pressures and Fed rate hike fears. The escalation of geopolitical tensions in the Middle East has contributed to the increase in oil prices.

The US stock indexes are trading below their flatlines, with the DJIA down 0.92% at 52,920.90, and the S&P 500 down 0.31% at 7,694.30. In contrast, major European benchmarks such as Germany's DAX and France's CAC 40 are trading on a mildly positive note.

The Dollar Index has dropped more than a quarter percent to 98.86, while the six-currency Dollar Index has also declined. Ten-year sovereign bond yields have mostly softened, with the US at 4.776%, down 0.17%.