Kathmandu – The global oil market has experienced a major spike following military clashes between the U.S. and Iran in the Hormuz region. In the international market, the price of Brent crude oil surged by up to 7.5%, reaching $103.70 per barrel. However, as Asian markets opened later, the price eased slightly, trading at $101.12 per barrel.
Similarly, U.S. West Texas Intermediate (WTI) oil prices also rose on Friday. WTI increased by 2.58% (or $2.45), reaching $97.26 per barrel. Compared to the period before the conflict began, the price of Brent crude has already risen by approximately 40%. Analysts estimate a potential global supply deficit of 14.5 million barrels of oil per day.
The impact of rising oil prices has extended to global stock markets. On Friday, the Nikkei 225, KOSPI, and Hang Seng indices all fell by more than 1%. In the U.S. market, the S&P 500 also closed down by 0.4%, reflecting investor concerns over regional instability and energy costs.
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