Stock markets around the world have tumbled with investors seeing the world as a riskier place as oil prices continue to decline.

Asian sharply declined on Wednesday, with shares in Japan falling to their lowest level for 15 months and shares in Dubai at their lowest point in more than two years.

European markets including the UK’s FTSE 100 and Germany’s Dax were down around three percent.

Oil prices are expected to continue to decline in the coming months as Iran begins exporting exporting its oil to the West, pumping an additional million barrels of oil per day onto the global market.

The price of oil has fallen 75% since a peak in mid-2014, with US shale oil flooding the market at a time when a slowdown in the Chinese and European economies has reduced demand.

The International Energy Agency said the oil glut is expected to last until at least the end of the year.