The price of oil surpassed $100 a barrel with the opening of trading in Asian markets on Monday, for the first time since July 2022, as the continuation of the war in the Middle East intensifies concerns about energy flows. At the same time, the stock markets in Tokyo and Seoul recorded significant losses of up to 6%.
At around 04:30 (Cyprus time), the price of a barrel of WTI (West Texas Intermediate), an American reference variety, continued its flight, increasing by 30.04% to $118.21 (about 108.7 euros), while that of North Sea Brent by 27.54% to $118.22.
Since the United States and Israel launched an attack on Iran, the price of WTI has risen by nearly 60%, a rise that has been described as unprecedented for such a short time.
Strong rise in Brent as well
Similarly, North Sea Brent oil, an international reference variety, also recorded a large increase, about 16.64%, reaching $108.11 per barrel (about 99.5 euros), while for a short time it also exceeded $111.
Analysts point out that even Russia's invasion of Ukraine, during which oil had exceeded $130 a barrel in March 2022, had not caused such abrupt and violent turbulence in the markets.
Rise in natural gas
At the same time, short-term futures for U.S. gas also saw a significant increase, around 7%.
Energy markets are closely monitoring developments in the Middle East, as the Strait of Hormuz – through which about 20% of the oil and liquefied natural gas transported internationally by sea normally passes – remains de facto closed.
Strong losses in Asian stock markets
At the same time, intense pressures are also recorded in the Asian stock markets.
At around 02:35 Cyprus time, the Nikkei index on the Tokyo stock exchange was down 6.07%, at 52,246 points, while the broader Topix index was down 5.08%.
In Seoul, the main Kospi index was down 6.48%, falling to 5,223 points, after sharp fluctuations already recorded last week.
