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Washington DC, March 7: Major US stock indices fell sharply on Friday after a weak February jobs report showed unexpected job losses in the United States. The data raised concerns about the strength of the US economy and triggered a sell-off in global markets.
The decline also came amid rising geopolitical tensions in West Asia, which have pushed oil prices higher and increased uncertainty in financial markets.
Nasdaq Falls as Job Losses Surprise Economists
The Nasdaq index closed at 22,387.68, dropping 1.59 percent after the disappointing employment report.
According to the latest labor data, the US economy lost around 92,000 jobs in February. Economists had expected an increase of about 50,000 jobs during the month.
The unemployment rate also increased slightly, rising to 4.4 percent in February compared to 4.3 percent in January.
The unexpected job losses raised concerns among investors about a possible slowdown in economic growth.
Global Markets React to Economic and Geopolitical Concerns
Stock markets in Europe and Asia also recorded declines as investors reacted to the weak US jobs data and rising geopolitical tensions.
Market sentiment remains fragile due to the ongoing West Asia conflict, which has created uncertainty about global trade and energy supply.
Analysts say investors are closely watching both economic indicators and geopolitical developments.
Oil Prices Surge Amid West Asia Conflict
At the same time, crude oil prices surged above $90 per barrel as tensions between the United States and Iran intensified.
Reports suggest that US President Donald Trump demanded what he called “unconditional surrender” from Iran, increasing fears of a prolonged conflict that could disrupt global oil supplies.
WTI crude oil futures jumped 12.2 percent to $90.90 per barrel, marking the biggest weekly gain since April 2020.
Experts Warn of Global Energy Supply Risks
Energy experts warn that escalating tensions in West Asia could affect global oil supply routes, especially the Strait of Hormuz, one of the world’s most important oil shipping channels.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said the ongoing conflict between the United States and Iran could keep oil prices elevated.
Meanwhile, the Trump administration has attempted to control rising oil prices by easing certain sanctions related to Russian oil exports.
The US Treasury recently issued a waiver allowing India to purchase Russian oil stranded at sea and permitted transactions with the German branch of Russia’s state-owned oil company Rosneft.
Potential Major Oil Supply Disruption
Jim Burkhard, Global Head of Crude Oil Research at S&P Global Energy, warned that the conflict could lead to one of the largest oil supply disruptions in history if shipping activity through the Strait of Hormuz slows or stops.
He noted that attacks on energy facilities in Saudi Arabia and Qatar have added new pressure to global oil and gas markets.
Experts say continued geopolitical tensions could increase volatility in financial markets and energy prices worldwide.
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