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On Wednesday Brent Crude has soared and Wall Street stocks have fallen amid growing tensions in the Middle East.
The tech heavy Nasdaq was down on Wednesday after all three major US stock indexes opened lower which was led by Tesla, Amazon and Nvidia.
The Nasdaq Composite fell by 140.20 points to 13,393.55, the Dow Jones Industrial Average was down 202.65 points to 33,795 whilst the S&P 5oo saw 37.13 points lost to 4,2335.07.
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Iran calls for oil embargo on Israel forcing Brent to soar $93 a barrel
Emerging markets stocks lost 0.97%, Japan’s Nikkei rose 0.01% and MSCI’s broadest index of Asia Pacific closed 0.65% outside of Japan.
The US dollar index was up 0.27% and the Euro fell 0.38% to $1.0535, US crude was up 1.67$ at $88.11 per barrel and Brent rose to $91.22 up by 1.47% on Wednesday.
Jay Hatfield, portfolio manager at InfraCap in New York said, “Clearly, the Middle East situation is dominating other international news, including the ongoing fallout from the Biden administration increasing restrictions on chip sales to China.
“It’s hard to be super bullish with that kind of risk out there. There’s a little bit of a flight to safety going on.”
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