Gold surged by nearly 120 USD per ounce, Brent crude topped 110 USD a barrel, while major Wall Street indices fell by almost 2%.

Countries' announcements of strategic petroleum reserve releases have not calmed the market, as Brent crude oil prices on the morning of 11/3 exceeded USD 100 per barrel.

Brent crude oil momentarily surged nearly 20% on the morning of 9/3, as escalating conflict in the Middle East fueled investor concerns about tightening supply.

Oil supply disruptions from the Middle East caused Brent and WTI crude prices to rise 5-8% during the march 5 trading session.