Stock markets worldwide are sinking on worries about whether the global economy can withstand spiking prices for oil, which briefly got to nearly $120 per barrel on Monday. But for as scary as the moves have been,

World shares tumbled on Monday, with Japan's benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel.

The price of oil surged higher and showed no signs of halting its rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a war in the Middle East.

Oil prices spiked near $120 US a barrel for a time Monday as the U.S.-Israel war against Iran entered its 10th day. The threat of missile and drone attacks has all but stopped tankers from travelling through the Strait of Hormuz,

The Group of Seven major industrialized powers have decided against using strategic reserves for now to counter the impact on oil prices from the Iran war. French Finance Minister Roland Lescure

The price of oil surged past $100 per barrel on Sunday, a spike Americans haven’t seen since July 2022 amid the U.S.-Israeli war on Iran, according to Trading Economics. The price increases come after Qatar’s Minister of Energy Saad Sherida al-Kabbi told the Financial Times on Friday that America’s hostilities with Iran could lead to a halt in oil production across the Gulf states,

U.S. and Israeli attacks on Iran have disrupted global energy supplies, pushing oil and jet fuel prices sharply higher and sending gas prices rising across the United States. Analysts say airlines

Oil prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets. The price for a barrel of Brent crude,