Oil prices jumped 8 per cent on Monday as the existing ceasefire between Iran and the US appears in tatters with an ongoing tussle to show dominance over the Strait of Hormuz. The US has reportedly seized an Iranian cargo vessel in the Gulf of Oman after it ignored orders to stop while exiting the Strait of Hormuz.
WTI crude futures spiked 8 per cent to trade closer to $89.100 per barrel. Crude futures were trading over $95 per barrel. The renewed tussle has sparked fears that the conflict might stretch longer than anticipated.
Earlier, oil prices plunged sharply after it was reported that the Strait of Hormuz would remain open during the ceasefire period.
US futures drop following the Mideast escalations. Futures on the Dow Jones are down over
400 points in early trading, while those on the S&P 500 and Nasdaq are down 65 and 250 points respectively. The S&P 500 and Nasdaq ended at record highs on Friday, with the Nasdaq lodging its longest winning streak since 1992.
Indian market appears resilient against the fresh tension in the Middle East. Gift Nifty was trading in a green note, suggesting a positive start for Nifty and Sensex.
Asian markets traded higher on April 20, with Japan’s Nikkei 225 gaining 460 points, or 0.79%, to hover around 58,936 in early trade, supported by broad-based buying and positive momentum near its recent highs. South Korea’s KOSPI also advanced 0.95%, rising nearly 59 points to trade above 6,250, as investors remained optimistic despite global volatility. The steady uptick across key Asian indices suggests resilience in regional markets, even as geopolitical tensions and fluctuations in oil prices continue to weigh on broader sentiment.
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