Oil prices surged and stock markets broadly declined on Wednesday as the ongoing Middle East war continues to fuel market volatility. Traders are reacting to fluctuating crude futures and attacks on commercial ships.

• Crude oil prices fluctuated between gains of 2% and 6%.
• Traders are assessing the market impact of the Middle East conflict, with oil prices being the main driver of sentiment.
• Japan and Germany announced plans to tap into their strategic oil reserves to counter high energy prices, a move described as a "highly coordinated strategy".