Nikkei 225 Plunges Over 6% as Oil Tops $100 a Barrel

Global markets tumble amid surging oil prices due to Middle East conflict disruptions

Published on Mar. 9, 2026

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Japan's benchmark Nikkei 225 index plummeted more than 6% early Monday after oil prices soared past $100 per barrel due to supply concerns stemming from the ongoing war in the Middle East. Stock markets in South Korea, Australia, and New Zealand also saw significant declines, while U.S. futures pointed to a lower open on Wall Street. Crude oil prices have surged over 16% since Friday's close, reaching their highest level in over 3.5 years.

Why it matters

Sharply higher oil prices can have serious ramifications for the global economy, potentially leading to increased inflation, reduced consumer spending, and overall economic slowdown. This comes at a delicate time as central banks work to balance growth and inflation concerns.

The details

The price for a barrel of Brent crude oil reached $107.97 shortly after trading resumed on Sunday, a 16.5% jump from Friday's closing price of $92.69. The surge in oil prices was driven by supply disruptions and concerns stemming from the ongoing war in the Middle East, which is affecting major oil-producing countries and hindering exports from the Persian Gulf region.

  • Oil prices have surged as the war, now in its second week, affected countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.
  • On Friday, the S&P 500 dropped 1.3% after a report showed U.S. employers cut more jobs last month than they created and after oil prices shot above $90 per barrel.

The players

Nikkei 225

Japan's benchmark stock market index, comprised of 225 of the largest publicly traded companies in Japan.

Brent crude

The international benchmark for crude oil prices, used as a reference for global oil purchases.

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The takeaway

The sharp rise in oil prices, driven by the ongoing conflict in the Middle East, has sent shockwaves through global financial markets, underscoring the fragility of the economic recovery and the potential for higher energy costs to weigh on consumer spending and business investment in the months ahead.