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Mon, 09 Mar 2026

Mon, 09 Mar 2026 Oil prices surge above $110 and shares slide over Iran war

Major disruption to energy supplies threatens to push up prices for consumers and businesses around the world.

* Global oil prices have surged above $110 a barrel, with Brent crude rising by almost 24% to $114.74 and Nymex light sweet increasing by over 26% to $114.78.
* Stock markets in the Asia-Pacific region have plummeted, with Japan's Nikkei 225 index down by more than 7%, Hong Kong's Hang Seng losing over 3%, and Australia's ASX 200 falling by more than 4%.
* The Strait of Hormuz has seen a significant decrease in traffic since the conflict began, with about a fifth of the world's oil supply usually passing through the narrow passage.
* Some analysts predict that if the shutdown continues until the end of March, oil prices could reach record highs above $150 a barrel.
* The increase in oil prices is expected to have far-reaching consequences, including higher costs for derivative products such as jet fuel and fertiliser precursors.