Oil Prices Soar, Europe Panics, Markets Plunge

0:00On March 4, oil prices have climbed for a third straight day amid rising tensions in the Middle East, with Brent Crude hitting $83, and 76 cents a barrel on Wednesday. The surge stems from threats to close the Strait of Hormuz, a vital route for about one-fifth of global oil and gas flows. Panic buying has hit Europe hard, with long lines at gas stations in Spain's Andalusia region, including Sevilla and Garez as drivers rush to top up, before costs rise more. In Germany, folks are crossing into cheaper Czech Republic stations, causing border jams, and some shortages, while similar cues formed in Britain's. Liverpool, Manchester, and South London, consumer groups in Spain, worn prices, could jump 8-10 cents per liter soon. President Trump announced U.S. support, including potential Navy escorts for tankers and insurance for shipping through the Strait, though experts. Question how feasible that is. Markets reacted sharply, especially in Asia, where South Korea's main index plunged 12% in a record drop,

1:01Japan fell 3.6%, and Taiwan lost 4.3%. Europe saw some rebound after early losses, but investors are dumping riskier assets amid fears of prolonged high-energy costs. Bond yields are rising as higher oil stokes in flation worries, pushing back expected rate cuts from the Federal Reserve and Bank of England. Cash looks like the safe bed now, with currency shifting and the dollar gaining ground as the world watches for the next move in the standoff.