Global Market Check | Asian shares skid up to 2.5% after oil tops $111/bbl, Wall Street slumps

Market Overview - US stocks experienced a decline due to rising oil and gas prices, exacerbated by inflation concerns and comments from the Federal Reserve [1][5][6] - Major indices such as the S&P 500 fell by 1.4%, the Dow Jones Industrial Average dropped by 768 points (1.6%), and the Nasdaq composite decreased by 1.5% [5][6] Oil Prices - Brent crude oil was trading at USD 111.24 per barrel, reflecting a 3.6% increase from the previous day, while US benchmark crude oil rose by 0.8% to USD 96.80 per barrel [5][7] - The surge in oil prices is attributed to disruptions in the Persian Gulf's energy industry due to ongoing conflicts, with Iran threatening to attack oil and gas infrastructure in neighboring countries [7][8] Inflation Concerns - A report indicated that inflation at the US wholesale level unexpectedly accelerated to 3.4% last month, suggesting inflationary pressures were building even before the conflict began [8] - The Federal Reserve's decision to maintain interest rates instead of cutting them has led to reduced expectations for lower rates, impacting investor sentiment [6][8]