Global oil prices surged on Thursday as tensions over the Iran conflict and stalled talks with the United States raised fears of supply disruptions.
Brent crude rose above $120 a barrel, climbing more than 4 percent, while US crude also moved higher. Prices have sharply increased compared to around $70 before the conflict began earlier this year.
Analysts said the continued closure of the Strait of Hormuz and restrictions on Iranian exports are keeping the market under pressure. Concerns about further escalation have also reduced hopes of a quick solution.
Market experts noted that the breakdown in talks between Washington and Tehran has weakened expectations of oil supply returning to normal soon.
In currency markets, the US dollar strengthened, reaching its highest level against the Japanese yen in nearly two years. The euro slipped slightly against the dollar.
Global stock markets showed mixed performance. Major indexes in Asia fell, including Japan, South Korea and Hong Kong, while China’s market saw a small gain.
On Wall Street, trading remained uneven, with the Dow Jones falling while the Nasdaq posted a slight rise. Some companies reported strong earnings, helping their share prices move higher.
Analysts said markets are reacting to growing uncertainty, with energy prices, currencies and stocks all affected by the ongoing geopolitical tensions.
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