-
G-7 Panic? World Leaders Weigh Emergency SPR Dump As Oil Prices Erupt Into Triple-Digit Territory
Asian and European equities traded lower, while U.S. equity futures fell 1% as Brent and WTI futures traded in triple-digit territory following the weekend escalation in Middle East tensions. The energy shock we have been warning about for the past week, citing top institutional desks from JPMorgan, UBS, Goldman, and others, is now staring G-7 leaders directly in the face as energy market panic erupts. You know conditions are deteriorating very quickly when the Financial Times reports that G-7 finance ministers are set to hold an 8:30 a.m. New York time call to discuss a possible coordinated release of strategic oil ... (full story)