Oil Price Surge Sparks Global Market Concerns

The global stock market is bracing for a weekly loss as inflation fears and rate hike expectations intensify amid rising oil prices.

The near-40-per-cent increase in oil prices this month, driven by conflict in the Middle East, has markets on edge. Wall Street futures are mixed, with the Dow pointing down, while TSX futures are in positive territory.

Nigel Green, CEO of deVere Group, warns that 'two of the world's busiest shipping corridors are under threat' and that oil prices could continue to rise. He notes that a recent drop in prices may be reversing due to concerns about energy flows and further escalation in the US-Israeli war with Iran.

In other markets, the pan-European STOXX 600 is up 0.40 per cent, while Japan's Nikkei has closed 2.73 per cent lower. The Canadian dollar has strengthened against its US counterpart, gaining about 0.82 per cent over the past month.