Oil Prices Surge Amid Middle East Tensions: Breaches $100 Mark

Oil prices surged above $100 a barrel in Asian markets, reaching levels not seen since July 2022. Escalating tensions in the Middle East are fueling concerns about the stability of energy flows.

Around 04:30 Cyprus time, WTI (West Texas Intermediate) rose by 30.04% to $118.21, while Brent North Sea increased by 27.54% to $118.22.

Concurrently, Asian stock markets faced significant pressure. The Nikkei index in Tokyo fell by 6.07%, while the Kospi in Seoul recorded losses of 6.48%.