Global stock markets fluctuated on Wednesday, with oil prices surging amid the Iran conflict. Brent crude rose to $89.52 per barrel, while U.S. crude gained 2.5% at $85.55. European markets opened lower, while Asia traded mixed. Japans prime minister announced plans to tap emergency oil reserves, easing price gains. However, Iran vowed to halt oil shipments, escalating tensions. Prolonged high oil prices could lead to stagflation, impacting household budgets and businesses. Oracle shares, however, surged 11% after beating earnings expectations.
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