Oil Prices Surge, Markets Brace for Volatility

0:00It's March 30th. This is Sydney News today, AI-powered stories from your city. European stocks edged up this morning while Asia took a hit. London's FTSE 100 climbed 73 points or 0.7% to 10,040, boosted by mining and energy shares riding, higher commodity prices. Germany's DAX gained 0.2%, France's CAC rose 0.4% and Spain's Ibex jumped 0.9% in. Meanwhile, sterling dipped 0.2% against the dollar to $1.3227, oil prices are exploding higher amid escalating Middle East tensions. Brin Crude hit $116.51 since a barrel, up 59% this March alone. The biggest monthly surge since the 1990 Gulf War. Yemen's Houthis attacked Israel and Israel's striking Tehran infrastructure as the US Israel conflict with Iran widens. President Trump even said he'd love to seize Iran's oil fields, like in Venezuela.

1:05Bond yields climbed as inflation fears grow from these oil spikes, shifting rate bets. The Bank of England and European Central Bank now face pressure for at least two hikes this year instead of cuts. US Fed likely holds steady despite Trump's push. Natural gas futures also rose 1.6% to 55 euros per megawatt hour on supply worries. Farma giant Eli Lilly's pushing the UK for steady NHS drug price hikes to restart its $279 million investment, including outcome base deals for weight loss meds like Mangaro. On the retail front, Devonem's reborn from Buhu B. Profit forecast and upped its 2027 outlook to double-digit growth, sending shares up over 6%. UK leaders are rallying energy execs from Shell, BP, and others at Downing Street today for emergency plans against Iran's Hormuz blockade, while Chancellor Rees urges G7 to speed up clean energy to shield from shocks.

2:05Markets brace for more volatility as the dust settles on these global tremors.