Stock markets slump as oil prices surge over Strait of Hormuz fears
On Monday morning in Asia, Brent crude was almost 24% higher at $114.74, while Nymex light sweet was up by more than 26% at $114.78. Kenya breaking news | Kenya news today |..
✨ Key Highlights
Global stock markets have significantly declined, with oil prices surging above $100 a barrel due to escalating fears of supply disruptions through the Strait of Hormuz amid the ongoing US-Israeli conflict with Iran.
- Brent crude jumped to $114.74 and Nymex light sweet to $114.78 in early Asian trading.
- Major Asia-Pacific stock indexes, including Japan's Nikkei 225 (down over 7%) and Hong Kong's Hang Seng (down over 3%), experienced sharp falls.
- The Strait of Hormuz, through which about a fifth of the world's oil supply passes, has seen traffic all but halt since the conflict began a week ago.
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Stock Markets Slump as Oil Prices Surge Over Strait of Hormuz Fears - March 2026
Global stock markets have significantly declined while oil prices surged above $100 a barrel due to escalating fears of supply disruptions through the Strait of Hormuz amid the ongoing US-Israeli conflict with Iran. Asian governments are moving to cap fuel prices in response to surging global oil costs, exacerbated by the US-Israel war with Iran. Bahrain's national oil company, Bapco Energies, has declared a force majeure on its operations following an Iranian drone attack on its refinery early Monday morning, resulting in civilian injuries while local demand remains secured. Meanwhile, G7 nations are convening an emergency meeting to address the economic fallout from the escalating conflict, which has sent oil prices soaring and stock markets plummeting.
