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March 20, 2026

Oil price spike shakes stock markets worldwide

By STAN CHOE
AP Business Writer

NEW YORK — A roller-coaster day for oil prices showed how they're dictating where financial markets and maybe even the global economy are heading. Stocks tumbled in Europe and Asia when oil prices shot higher early on Thursday, but U.S. stocks pared their sharp losses as the day progressed and oil prices fell back.

The morning began with the shock of Brent crude, the international standard, briefly rising above $119 per barrel, up from roughly $70 before the war with Iran began.


 
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