US EditionOil Prices Resume Their Climb and Asian Markets Decline as US Prepares for Blockade of Strait
Brent crude rose 7.4% to $102.23 a barrel as shipping through the strait stalled, analysts said.
- President Donald Trump announced a planned blockade of the Strait of Hormuz, with the U.S. military saying it would begin Monday at 10 a.m. EDT, or 5:30 p.m. in Iran.
- Failed ceasefire talks in Pakistan shattered weekend optimism, as shipping through the strait has been stalled by Iran since late February.
- Benchmark U.S. crude jumped $8.38, or 8.7%, to $104.95 a barrel, while international standard Brent rose $7.00, or 7.4%, to $102.23.
- On Monday, Asian markets declined, with Hong Kong's Hang Seng slipping nearly 1.5% and South Korea's Kospi dipping 1.1% amid the energy crisis.
- Analysts anticipate continued global volatility, with Neil Newman, Managing Director at Astris Advisory Japan, noting in Hong Kong that the situation "doesn't look very nice.
16 Articles
16 Articles
Oil prices spike as U.S. moves to blockade Strait of Hormuz, Asian markets slide
Tokyo: Oil prices resumed their climb and Asian markets mostly declined Monday as the U.S. military prepared to blockade ships entering or leaving the Strait of Hormuz, where most shipping has been stalled by Iran since the start of the war.U.S. President Donald Trump announced the planned blockade after U.S.-Iran ceasefire talks in Pakistan ended without an agreement, and the U.S. military said the blockade involving all Iranian ports would beg…
Associated Press News
Oil prices resume their climb and Asian markets decline as US prepares for blockade of strait
Oil prices have resumed their climb and Asian markets mostly declined as the U.S. military prepared to blockade ships entering or leaving the Strait of Hormuz, where most shipping has been stalled by Iran since the start of the war.
Trump's Blockade Announcement Sends East Asian Stock Markets into a Stealth (Symbolic Image - AI-Generated) Donald Trump's announcement of a US naval blockade of the Strait of Hormuz sent East Asian stock markets into a tailspin at the start of the week. The region's major indices recorded significant losses on Monday morning, while oil prices rose sharply. Japan's Nikkei 225 index fell by almost 0.9 percent by mid-morning. In South Korea, the K…
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