Oil prices jumped sharply and stock markets fell on Monday as US-Israeli strikes on Iran sparked fears of a prolonged Middle East conflict.
- Brent Crude briefly rose nearly 14%, WTI almost 12%.
- Asian equities tumbled: Tokyo (-1.4%), Hong Kong (-1.9%), Singapore, Mumbai, Bangkok, Wellington, and Taipei also in red.
- Airline stocks hit hard: Cathay Pacific (-3%), Qantas (-5.4%), Singapore Airlines (-4.3%).
- Energy firms rallied: Woodside Energy (+6%), Santos (+6%), PetroChina (+4%), Inpex (+6%).
- Gold climbed 2%, and the US dollar strengthened as investors sought safe havens.
The Strait of Hormuz, a key route for 20% of global seaborne oil, has effectively been closed, with several ships attacked, fueling fears of supply disruption. Analysts warn that prolonged instability could push crude prices past $100 per barrel and worsen global inflation.
US President Donald Trump urged Iranians to rise against their government and predicted the conflict could last four weeks. Iran, meanwhile, continues missile and drone strikes across the Gulf and has warned against transiting the Strait of Hormuz.
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