Oil prices initially shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. Iran has escalated its attacks aimed at generating enough global economic pain to pressure the United States and Israel to end the war. Germany’s DAX lost 0.4% to 23,533.60, while the CAC 40 in Paris lost 0.7% to 7,982.64. AdvertisementSince the start of the war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour. Stagflation fears are rising not just because of higher oil prices but also because of weakness in hiring by U.S. employers.

Source: Huffington Post March 12, 2026 20:01 UTC