After Saudi Arabia's weekend decision to boost production and cut prices, crude plummeted by around 27.5 percent Monday, sending markets into panic mode. Just minutes after the opening bell, the S&P 500 plunged 7 percent, triggering a 15-minute trading halt to prevent a deeper slide. Earlier in the day, Australia's S&P/ASX 200, Japan's Nikkei 225 and Hong Kong's benchmark dipped 7.3, 5.1 and 4 percent, respectively.
What's next? The financial fallout of Riyadh's price war, launched after OPEC was unable to secure cooperation from nonmember Russia, could mean more companies default on their debts.