Crude oil prices jumped sharply on Monday as Iran claimed to have closed the Strait of Hormuz, intensifying fears of a major supply disruption in the global energy market.
The assertion, which targets one of the world's most critical oil transit chokepoints, sent shockwaves through commodity markets and triggered a broad selloff in Asian equities.
Brent crude surged in response to the reported closure, reflecting immediate market repricing of supply risk.
Brent crude surged in response to the reported closure, reflecting immediate market repricing of supply risk.
The spike in energy costs has rekindled concerns about global inflation, adding pressure to central banks already navigating a complex macroeconomic landscape.
Meanwhile, Asian share markets slipped, with major indices posting declines as investors rotated out of risk assets amid the heightened geopolitical uncertainty.
The development marks a significant escalation in the ongoing conflict in the Persian Gulf, following recent military strikes by the United States against Iran.