Asian and European markets tumbled Wednesday on fears of continued Egyptian political unrest and uncertainty over the fate of the Portuguese ruling coalition.
Global oil prices hit a 14-month high, with the light sweet crude traded in New York topping $102 a barrel. Investors worried that the crisis in Egypt could affect Middle East oil shipments through the Suez Canal, a key transit point.
Hong Kong’s Hang Seng index plunged 2.5 percent, while markets in London, Frankfurt and Paris were all down more than 1 percent in afternoon trading. U.S. shares were off slightly as trading opened in New York.