Brent dives further amid fear of another banking collapse

Brent has tumbled more than 5% lower in intraday trading today as news broke of Credit Suisse being denied more finance by its biggest investor. 

PHOTO: Oil prices tumbling down. Getty Images

Brent values have come under pressure since last week’s Silicon Valley Bank’s (SVB) collapse, which raised fears among investors about a global banking collapse – similar to the 2008 financial crisis.

Credit Suisse Bank shares nosedived today after its biggest shareholder, Saudi National Bank, pulled back from raising its 10% stake in the bank due to regulatory issues. This has fuelled fresh fears among investors.

“Credit Suisse is in the midst of a complex three-year restructuring in a bid to return the bank to profitability,” Bloomberg reports.

The back-to-back collapses of major banks such as SVB and Signature Bank over the weekend, followed by Credit Suisse's share price drop have rattled markets and compounded the downward pressure on Brent.

By Nithin Chandran

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