Oil Prices Surge Amid Prolonged Iran Conflict, Impacting Global Markets
Oil prices have surged significantly due to concerns over a prolonged conflict involving Iran. Benchmark U.S. crude rose by 11.4% to $111.54 a barrel, while Brent crude, the international standard, increased by 7.8% to $109.03 per barrel. This rise in oil prices is attributed to fears that the conflict in the Middle East will extend longer than anticipated, affecting global oil supply routes, particularly through the Strait of Hormuz. The U.S. President has committed to continuing military actions against Iran, without providing a clear timeline for resolution. This uncertainty has led to increased volatility in energy markets, although U.S. equities markets were closed for Good Friday. In Asia, financial markets showed mixed reactions, with Japan's Nikkei 225 and South Korea's Kospi indices rising, while the Shanghai Composite fell. 
