Day: March 9, 2026

A report about G7 countries discussing a possible joint release of emergency reserves calmed nerves, News.Az reports, citing CNN.
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Brent oil futures for May initially surged over 30% to a peak of $119.50 a barrel, while West Texas Intermediate crude futures jumped as much as 30% to an intraday high of $119.43 a barrel earlier in the day.
At 14:44 ET (18:44 GMT), Brent was last up 7% to $99.11 a barrel, while WTI was up 4.4% to $94.91 a barrel.
“We’ve now entered a one-dimensional market where the trajectory of crude prices outweighs everything else, from earnings to economic data. For this reason, we cannot rule out further price extensions. If crude sustains a bid above $110 a barrel, the risk of a global recession rises sharply,” Peter Corey, chief market strategist at Pave Finance, said.
“Energy is a core input across supply chains, and higher crude prices quickly feed through to transport, manufacturing and consumer costs. Energy traders use a rule of thumb that every $10 dollar increase in crude causes a 0.3% contraction in consumption, so sustained prices above this level would start to meaningfully slow economic activity,” Corey said.

The post Oil pares advance, taking a breather after monster rally pushes crude near $120 appeared first on azeritimes.com.

Sentiment remained under pressure as the escalating conflict in the Middle East boosted oil prices, raising fears that higher energy costs could weigh on the economy, News.Az reports, citing Reuters.
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At 14:49 ET (18:49 GMT), the tech-heavy NASDAQ Composite seesawed between negative and positive territory, last higher by 0.1% to 22,414.68 points, after earlier logging a decrease of as much as 1.5%. The benchmark S&P 500 index was down 0.3% to 6,722.82 points, having eaten into a decline of as much as 1.5%. The blue-chip Dow Jones Industrial Average shed 0.7% to 47,159.27 points, pulling back from a fall of as much as 1.9%. 
The main averages on Wall Street all fell by at least 1% to end the previous trading week, a negative week overall, as the escalating fighting in the Middle East threatened to take a toll on the global economy.

The post Stocks largely in the red amid Iran war appeared first on azeritimes.com.