Brent $81 WTI $79 as Iran shuts Strait of Hormuz
Big news for global markets: Oil prices shot up on Monday after Iran closed off the Strait of Hormuz, a key route for energy shipments.
Brent crude rose to $81 per barrel and WTI hit $79 per barrel, all thanks to rising tensions in the region.
Iran says it made the move because of "the blatant breach and violation by the United States of the first clause of the ceasefire agreement, and in response to the continuous and relentless violations of the ceasefire by the Zionist regime in southern Lebanon..." said by the Khatam Al-Anbiya Central Headquarters in a statement.
Asian markets mostly rally on AI
Despite worries about oil and Middle East tensions, Asian stock markets mostly rallied, especially tech-heavy ones.
Japan's Nikkei 225 and Taiwan's TAIEX both broke records, while South Korea's KOSPI saw solid gains.
Hong Kong's Hang Seng Index slipped a bit due to profit-taking, but overall market vibes stayed upbeat thanks to strong AI-driven growth.