Global Markets Update: Oil Retreats from $119 Peak Amid Iran Conflict 📈

Global markets remain volatile as energy prices react to escalating tensions in the Middle East following strikes on Gulf infrastructure. • Energy & Commodities • Brent Crude fell 0.4% to US$ 108.19/bbl, pulling back from a session high of US$ 119. • US Crude (WTI) declined 1.2% to US$ 94.40/bbl. • Safe-haven assets saw gains: Gold rose 1.8% to US$ 4,688.50/oz, while Silver climbed 1.3%. • Global Equity Markets • Asian Markets: Mostly lower; Hong Kong’s Hang Seng dropped 1%, and China’s Shanghai Composite fell 1.2%. India’s Sensex bucked the trend, gaining 1%. • Wall Street: US indices closed in the red; the S&P 500 slipped 0.3% and the Dow Jones fell 0.4%. • Currency Trends • The US Dollar strengthened against the Yen (158.37), while the Euro weakened slightly to $1.1570. The retreat in oil prices provides a slight breather for oil-importing nations like Sri Lanka, though sustained high prices near the US$ 110 mark continue to pose risks to transportation and manufacturing costs. Based on provisional market data (March 21, 2026).