Oil spikes on Iran conflict fears as Asia markets tread cautiously
Oil spikes on Iran conflict fears as Asia markets tread cautiously
Oil prices jump on worries of a prolonged Iran war while Asian equities trade with caution amid holiday closings and geopolitical tension.
Oil prices surged on fears of a prolonged Iran war, with traders weighing the risk to essential supply routes and the broader recovery timeline.
U.S. crude (WTI) jumped 11.4% to $111.54 a barrel, while Brent rose 7.8% to $109.03, extending a rally that has followed geopolitical tensions in the region.
Analysts warn that an extended conflict could threaten physical infrastructure and disrupt shipments through the Strait of Hormuz, with price pressures likely to spill over into the rest of the year.
Across Asia, trading was mixed as markets opened with caution on Good Friday: Japan's Nikkei 225 rose 0.9% to 52,938.62, South Korea's Kospi climbed 2.1% to 5,344.41, while China's Shanghai Composite fell 0.5% to 3,899.57.
Trading elsewhere slowed as several markets were closed for the holiday, keeping volume light in many sessions.
In the U.S., Wall Street finished its first winning week since the start of the Iran war, even as morning trading flashed red before a late rally on the day.
On the political front, President Trump pledged to continue pressure on Iran with no clear timetable for ending the conflict, underscoring how geopolitical tensions are feeding volatility in global markets.
Analysts from BMI, a unit of Fitch Solutions, and other researchers warned that longer-running disruption to shipping and infrastructure could keep prices elevated through the coming months.
