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Risk of disorderly corrections mounting, says ESMA

The ‘Tavistock Square’ crude oil tanker, leaves the ConocoPhillips oil terminal after loading on March 09, 2026 in Teesside, England. Global oil prices have risen to their highest levels since 2022 following an escalation of the US-Israel war with Iran.
Photo: Ian Forsyth / Getty Images

Global climate policy is fragmented, cyber risks are increasing, and the rise of stablecoins means spillover risk of a crypto correction, per a report by the agency.

Persistent heightened geopolitical risk, including the conflict with Iran, has been identified as a driver of volatility with the potential to significantly affect financial markets, says ESMA. The regulator highlighted this issue in its first risk monitoring report of 2026.

Verena Ross, ESMA’s chair, said that the regulator’s analysis calls out

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