Brent crude rose by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption
Oil prices soared and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption.
Brent crude jumped by as much as 13% during early trading – to hit $82 per barrel, a 14-month high – as the effective closure of the strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies.
In Tokyo, the Nikkei 225 fell by nearly 2.4% as traders in Asia responded to the weekend’s developments. Pre-market trading also put Wall Street on course to open lower on Monday. In Sydney the ASX 200 opened down sharply, before recovering, to trade about 0.4% lower. Gold, often deemed a safe-haven asset by investors during times of crisis, rose 2.8% to $5,397.10 per ounce.
Military strikes by the US and Israel on Iran showed no sign of lessening, with Donald Trump suggesting the conflict could last for four more weeks and saying that attacks would continue until US objectives were met.
