Soaring crude prices wreak havoc in financial markets
Foreign exchange markets are in upheaval after Iran war fears drove global crude prices nearly 30 percent higher over the weekend—but conditions could stabilise in coming hours if G7 countries tap their strategic petroleum reserves. According to the Financial Times, finance ministers from the major advanced economies are now discussing a co-ordinated release of oil reserves, with an announcement expected this morning. The dollar is giving back some of its weekend gains but—along with the Canadian dollar—is still up from its late-February levels, having climbed against its more vulnerable energy-importing rivals. Brent crude surged past $130 a barrel when markets...