Stocks drop and oil surges back above US$100 as US’ blockage of Hormuz escalates war
Stocks fell and oil surged on Monday as investors flocked to a haven trade after US President Donald Trump said American forces would block the Strait of Hormuz, escalating the month-long war in the Middle East after Washington and Tehran failed to reach a ceasefire.
Key equity benchmarks in Asia all fell after crude oil futures soared back above US$100 a barrel, with Brent futures contracts surging 7 per cent and the West Texas Intermediate ones jumping 8 per cent.
Hong Kong’s Hang Seng Index...
- Oil prices skyrocket past $100 after US announces Strait of Hormuz blockade Times Of India —
- Asian markets fall as oil surges past $100 after talks collapse Middle East Eye —
- Oil jumps above $100 after US-Iran talks end without a deal BBC News —
- Oil Climbs as U.S.-Iran Peace Talks Fail, U.S. Navy Starts Blockade of Strait of Hormuz Wall Street Journal —
- Oil Prices Surge Above $100 After Peace Talks Fail and Trump Threatens Blockade The New York Times —