Markets sell off worldwide as further conflict looms in the Middle East and Elon Musk cuts capex guidance
Source: Fortune ·
High oil prices are bad for Asia, which imports most of its fuel.
From the source
The mood in the markets turned sharply negative today as traders sold off stock around the world. S&P 500 futures were down more than 1% before the New York open. Futures in the tech-heavy Nasdaq fell even more, down 1.82%. Asia and Europe were both largely down. A number of familiar factors appear to be driving the selling. The Iran-backed Houthis conducted further drone strikes on Saudi airports and the Saudi Aramco Shaybah oil field. The U.S. ordered its staff to vacate the U.S. embassy in Riyadh. Iran continued its campaign of striking ships trying to use the Strait of Hormuz, with four drones in the last 24 hours. Washington and Israel are reportedly planning to restart major combat operations against Iran after the midterm elections in America. Unsurprisingly, the price of oil rose to $112 per barrel. High oil prices are bad for Asia, which imports most of its fuel. On top of that, the supply of oil to China from Iran’s “shadow fleet,” which had been at sea prior to the…