Global oil price hits over $100 per barrel amid Iran war

International

AS the US-Israeli war with Iran rages on, Global oil prices have surged to above $110 (£82.74) a barrel and stock markets have plummeted amid fears fears of prolonged disruption to shipments through the Strait of Hormuz.

Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader as the US and Israel launched fresh waves of airstrikes across Iran over the weekend, a report by BBC said.

Oil depots were hit by the new waves of airstrikes, causing major disruption to energy supplies from the region and threatening to push up prices for consumers and businesses around the world.

On Monday morning in Asia, Brent crude was almost 24% higher at $114.74, while Nymex light sweet was up by more than 26% at $114.78.

Stock markets in the Asia-Pacific region dropped sharply in morning trade with Japan's Nikkei 225 index down by more than 7%, the Hang Seng in Hong Kong losing over 3% and the ASX 200 in Australia more than 4% lower.

South Korea's Kospi index, which has been hit especially hard since the conflict began, slipped by more than 8%, triggering a 20-minute halt to trading, the report said.(MyTVCebu)