Oil prices surge past $100 as conflict disrupts markets
Oil prices have climbed further above $100 as the Iran war continues, with no sign of de-escalation between the warring sides. The closure of the Strait of Hormuz and ongoing military strikes have raised concerns about global energy supplies. Donald Trump and Iranian officials exchanged warnings, while other countries considered their response to the crisis. Stock markets in Asia mostly declined, while some European indices opened higher.
What we know
- Oil prices surged, with Brent reaching as high as $106.50 and West Texas Intermediate topping $100.
- The Strait of Hormuz remains effectively closed since US-Israel operations began, impacting oil transit.
- Donald Trump called for other countries to help secure the waterway but offered no firm US commitments.
- Iran’s Abbas Araghchi stated there is no interest in talks with the US, but discussions with other nations for safe vessel passage are possible.
- Most Asian stock markets fell due to fears of an energy crisis, while some European markets rose at the open.
