Oil prices have surged to their highest levels since 2023, driven by the ongoing Iran war and weak U.S. job market data, causing significant declines in stock markets.

The February jobs report shocked markets, with 92,000 job losses, compared to forecasts of 55,000 hires.

The Bureau of Labor Statistics' employment reading indicated that U.S. employers shed 92,000 jobs in February when a rise of 50,000 jobs was expected by economists.