Oil prices surged to around $110 a barrel after U.S. President Donald Trump issued a strong warning to Iran, heightening tensions in the region.
Brent crude rose by 1.6% to $110.85 per barrel before easing slightly during Asian trading hours, while U.S. West Texas Intermediate (WTI) crude increased by 0.3% to $111.80.
The spike followed Trump’s threat to target Iranian infrastructure, including bridges and power plants, if Tehran continues its actions against ships passing through the Strait of Hormuz.
The developments also influenced regional markets, with major Asian stock indices recording gains.
Japan’s Nikkei 225 rose by 1.6%, while South Korea’s Kospi index increased by 0.9%.
Analysts say ongoing geopolitical tensions are continuing to drive volatility in global energy and financial markets.
