The escalation of the military conflict between the United States and Iran has shaken financial markets and immediately pushed oil prices higher.
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Brent crude gained more than 2%, reaching around $90.70 per barrel, while U.S. crude was trading near $85.60. At one point during the session, the price increase approached 3%. Investors fear that the renewed tensions could further complicate maritime traffic through the Strait of Hormuz, the corridor through which, before the war began, approximately one-fifth of the world’s oil was transported.
Only five merchant ships a day passed through the area over the weekend. The consequences were also felt in Asian markets: Japan’s Nikkei fell 0.4%, South Korean stocks dropped by as much as 0.5%, while losses were also recorded in Hong Kong and India. In the United States, futures contracts for the S&P 500 and Dow Jones fell by around 0.3%.
European stock markets also remained under the influence of uncertainty. The STOXX 600 hovered near the previous day’s level, while Germany’s DAX fell 0.5%. Energy companies moved in the opposite direction, with their shares rising 0.6%, boosted by the increase in oil prices.
According to analysts, oil could trade in the range of $85-$95 per barrel until there is greater clarity over security and the resumption of full traffic through the Strait of Hormuz.
