Oil prices surge to almost $120bbl overnight before falling back to $108bbl. President Trump says he does not believe the market shock will be prolonged. The G7 reportedly considers a joint release of oil from strategic reserves while reports suggest that Saudi Aramco may offer oil on the spot market. The Nikkei and Kospi lead Asian equity losses while Europe and Wall Street look set for continued sell-off pressure. Iran has chosen Mojtaba Khamenei to succeed his father, Ali, as the country’s Supreme Leader to defy President Trump selection wishes.  

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