The International Energy Agency says Libyan oil exports have "ground to a halt" because of the fighting between rebels and forces loyal to Libyan leader Moammar Gadhafi.
Japanese shares plunged on Tuesday as fresh explosions rocked a damaged nuclear plant and triggered a rise in radiation levels, sending investors fleeing from riskier assets such as equities and commodities across Asia.
Following the huge losses on the Nikkei, with more than $700 billion dollars wiped off the Japanese market in just two sessions, one economist is predicting the tragic events in Japan will be an "excuse" 'to move to quantitative easing in all major markets.
That the market will fall, and fall rapidly is a given. The key question is how far the market may fall before it finds support. The reaction to the Kobe earthquake provides some clues.