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European Markets Plunge as Brent Crude Hits $120

Published March 9, 2026, 09:15
European Markets Plunge as Brent Crude Hits $120

European markets started the week with significant losses, influenced by the escalation of the war in the Middle East and the rise in oil prices to $120 a barrel, a level not seen since 2022. The pan-European Stoxx 600 index fell by 2.15%, while indices in London, Germany, France, Italy, and Spain recorded losses ranging from 1.74% to 2.52%. The rise in oil prices is due to production restrictions by Middle Eastern countries and the closure of the Strait of Hormuz. G7 finance ministers are considering a joint release of oil from strategic reserves. Donald Trump described the increase in oil prices as a small price to pay for eliminating the nuclear threat from Iran. Asian markets and Wall Street futures also recorded losses.