Daily market news

To start the week, we join OANDA Senior Market Analyst Kelvin Wong and podcast host Jonny Hart in discussing skyrocketing oil pricing amidst tensions in the Middle East and a scheduled G7 meeting to discuss the release of held crude reserves, as well as the fallout across financial markets.

S&P 500, Dow Jones, Nasdaq Analysis and Trading Levels: Stock Markets are at a key standpoint. Overnight Futures trading marked struggled as US-Iran-Israel war enters its second week. WTI Oil gapped to $120 dollars but retraced since, helping market prospects. Stagflation fears persist as the conflict is projected to last five more weeks.

Gold (XAU/USD) is locked in a tug of war as safe-haven demand from escalating Middle East tensions battles the hawkish rate outlook fueled by soaring oil prices. This analysis reviews the impact of the Iran strikes, reduced Fed rate cut expectations, and the potential G-7 oil reserve release. We also cover the technical setup as a breakout looms.

Global markets plunge as Brent crude futures surge 14% on escalating Middle East conflict and supply fears. European shares hit two-month lows, with banking and tech stocks leading the sell-off. The US dollar soars as a safe-haven, pushing the euro and sterling lower. Investor focus shifts to US inflation reports (CPI and PCE) that are expected to reinforce a hawkish Fed and delay rate cuts. Technical analysis of the FTSE 100 is also covered.

West Texas Intermediate crude oil remains highly volatile after surging to $119.54, its highest level since 2022, amid supply fears linked to the US–Iran war 2026 and potential disruption at the Strait of Hormuz. Prices later pulled back toward $103 after reports of a possible emergency reserve release by Group of Seven nations. Technicals show $102.25 as a key support level that could sustain another bullish leg.