Oil prices soar past $100/bbl as Israel-Iran conflict escalates
Oil prices have jumped above $100 a barrel for the first time since 2022, thanks to the ongoing U.S.-Israel-Iran conflict.
Brent crude even touched $119.50 before settling lower, marking a huge 36% to 42% increase since late February when fighting escalated.
Strait of Hormuz closure, Kuwait's production cut squeeze supply
Strikes on Iranian oil and gas sites, plus the closure of the Strait of Hormuz (a key route for global oil) have squeezed supply.
Kuwait cut production after retaliatory attacks, and Bahrain declared force majeure on refinery shipments, all adding up to tighter markets and higher prices.
Iran warns of surprises in response to attacks
Stock markets in Asia took a hit: Japan's Nikkei dropped 5%, South Korea's Kospi fell 6.6%, and Australia's ASX 200 slid nearly 3%.
US stocks also dipped as oil stayed high.
Iran's foreign minister said Iran is "fully prepared" and has "many surprises" in response to plotting against Iranian oil and nuclear sites, hinting at even more price shocks ahead.