Daijiworld Media Network - New Delhi
New Delhi, Apr 13: Global oil prices surged above $100 per barrel as energy markets reopened in Asia following the United States’ announcement of a blockade on Iranian ports, triggering fresh concerns over supply disruptions and escalating geopolitical tensions.
The global benchmark Brent crude jumped 8.5 per cent to $102.37 per barrel, while West Texas Intermediate (WTI) rose 9 per cent to $105.34 per barrel.
The spike in oil prices weighed on Asian equity markets, with Japan’s Nikkei 225 slipping 0.8 per cent and South Korea’s Kospi declining 1.8 per cent in early trade.
The sharp movement comes in the wake of failed US-Iran negotiations over the weekend, raising fears that the global energy crisis could deepen further. Markets have remained volatile in recent weeks as investors react to rapidly evolving developments in the conflict.
Notably, oil prices had dropped below the $100 mark last week after Washington and Tehran reached a conditional two-week ceasefire agreement, which included reopening the strategic Strait of Hormuz — a key global oil transit route.
However, renewed tensions and the latest blockade announcement have reversed that trend, sending energy markets into fresh turmoil.