Quick overview

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Oil maintained its upward trend amid market fears over a potential escalation of the war. Meanwhile, U.S. and European markets posted sharp declines.

Major Wall Street indexes fell sharply on Thursday as investors continued to digest the impact of the war in the Middle East. Relief has yet to materialize in oil prices, which remain the market’s main focus. Although crude slowed the pace of gains seen earlier in the week, it resumed its climb on Thursday, with Brent crude surpassing $84 per barrel and reaching its highest level in nearly 20 months.

Wall Street, European and Asian markets

In Asia, major indexes recovered from Wednesday’s heavy losses. Seoul’s Kospi index surged 9.6%, partially rebounding from the previous session’s 12.06% plunge — the largest daily drop in its history. Japan’s Nikkei rose 1.9%, while Shanghai and Hong Kong closed up 0.6% and 0.3%, respectively.

In Europe, the Euro Stoxx fell 1.5%. France’s CAC 40 declined 1.5%, the UK’s FTSE 100 dropped 1.5%, and Germany’s DAX lost 1.8%.

Against this backdrop, the S&P 500 slipped 0.6%, while the tech-heavy Nasdaq Composite fell 0.3%. The Dow Jones Industrial Average dropped 1.6%. Meanwhile, the VIX — widely known as Wall Street’s “fear index” — jumped 12.3% to 23.75 points.

Oil continues to rise

Oil prices continued to climb amid concerns that the war could expand and disrupt global energy supplies.

Brent crude gained another 3.6% to $84.31 per barrel, while U.S. benchmark WTI jumped 6.4% to $79.66.

Although the pace of gains has slowed, some analysts warn that a prolonged conflict combined with supply disruptions could push prices above $100 per barrel.