Amid the panic buying surge in the last 30 minutes of trading, sparked by Trump's national emergency declaration, oil has soared higher after Trump said that he has asked the energy department to buy "large quantities of oil" for the Strategic Petroleum Reserve and to "fill it right to the top."

With the reserve currently 635MM barrels full, that means there is over 90 million barrels that will soon be purchased by the US to fill up the SPR.

And since Trump's demand means that there will be a forced buyer even as OPEC is an aggressive seller, oil quick spiked with WTI & Brent surging to session highs, boosting the energy sector and leading to an extension of gains in equities, while also helping the petro-currencies such as CAD, RUB, MXN catch a bid.