Oil Surges, Asian Stocks Sink After Iran Strikes Israel

Oil prices surged after Iran launched missile attacks against Israel, increasing uncertainties around a fragile cease-fire in the Middle East. This military escalation followed an Israeli attack on Hezbollah in Beirut. In response, Asian stock markets declined sharply, particularly South Korea's KOSPI index, which fell 8% before halting trading. Brent crude rose over 3% to about $96 per barrel, while West Texas Intermediate crude increased approximately 4% to about $94 per barrel. Despite rising crude prices, gasoline prices decreased to a national average of $4.17 a gallon, although they are still 40% higher since the onset of the war.

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Oil prices jumped after Iran fired missiles at Israel, casting fresh doubt on the future of a fragile cease-fire in the Middle East.

The strikes came after Israel attacked the outskirts of Beirut, targeting Hezbollah, the Iranian-backed militant group. The Israeli military said that Iran had launched at least three barrages of missiles at Israel in the first such attack since a cease-fire paused the war with Iran two months ago.

Stocks in Asia fell sharply as investors retreated from artificial intelligence-related shares that had fueled blistering gains in recent months. South Korea’s benchmark KOSPI index, the world’s best-performing major stock market this year, fell 8 percent before trading was temporarily halted.

Here is the latest:

Oil prices surge.

The price of Brent crude, the global benchmark for oil, rose more than 3 percent to about $96 a barrel.
West Texas Intermediate crude, the U.S. benchmark, was up around 4 percent to about $94 a barrel.
Investors and analysts are focused on the continued disruption to shipping in the Strait of Hormuz, the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas that normally carries as much as one-fifth of the world’s oil supply.

Stocks in Asia tumble.

Stocks in Asia, where countries import vast quantities of oil and gas, were broadly lower. After a sharp decline at the open of trade, South Korean shares clawed back some of the losses, with the index down 6 percent in early trading. Japan’s Nikkei 225 fell more than 3 percent.
Futures on the S&P 500 pointed to a modest increase when stocks resume trading in the United States on Monday.

Gasoline prices pull back.

Gas prices fell again on Sunday, dropping to a national average of $4.17 a gallon, according to the AAA motor club. Still, gasoline prices have risen 40 percent since the war began.
Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
The average price of diesel fell two cents to $5.34 on Sunday, up 42 percent since the start of the war.

\ \ How High Are Gas Prices Where You Live? \ \ Here is a county-level look at where drivers are facing the highest costs.

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Oil Surges, Asian Stocks Sink After Iran Strikes Israel

Here is the latest:

Oil prices surge.

Stocks in Asia tumble.

Gasoline prices pull back.

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