G7 Discusses Releasing Emergency Oil Reserves, Three Major US Stock Index Futures Narrow Losses, Crude Oil Futures Prices Pull Back Sharply

TradingKey - As of 9:30 AM ET, futures for the three major U.S. stock indices narrowed their losses after the G7 (U.S., U.K., France, Germany, Italy, Japan, and Canada) discussed the release of emergency oil reserves. Following the news, crude oil futures prices pulled back sharply to around 10%, after earlier surging more than 30%.

A spokesperson for Iran's Khatam al-Anbiya Central Headquarters delivered a video address on March 8, warning the U.S. and Israel to stop "crimes against humanity" and cautioning that oil prices could climb to $200.

During the afternoon session in Asia, Japan notified its oil storage institutions to prepare for the release of oil reserves.

Furthermore, global markets remain gripped by panic and safe-haven trading persists. Earlier in the Asian trading session, South Korean stocks triggered a circuit breaker, and most Asia-Pacific markets fell sharply.

The MG7 opened under pressure: NVIDIA fell nearly 1% at the open, Apple was down nearly 1%, Microsoft dropped over 1%, Tesla fell more than 1.7%, Amazon shed over 1.4%, Google fell over 1.4%, and Meta was down more than 1.6%.