Shares fall globally as oil prices spike following Iran's attacks on Gulf shipping routes | Reuters Asia-Pacific markets declined on Thursday as oil prices surged, driven by reports of additional attacks on vessels in the Strait of Hormuz and Iraqi waters. The incidents intensified fears of escalating tensions, pushing inflation higher and raising borrowing costs worldwide. U.S. crude rose 7.5% to $93.80 a barrel, extending a gain of over 4% from the previous day, while Brent crude futures climbed 7.7% to $99.03 a barrel. The International Energy Agency’s plan to release 400 million barrels of oil from its reserves, the largest such move in its history, failed to curb the price surge. The U.S. pledged to release 172 million barrels as part of the initiative. Iranian Revolutionary Guards intensified attacks on merchant ships, with two fuel tankers in Iraqi waters struck by explosive-laden boats. Iraqi officials confirmed that oil ports had halted operations, and analysts noted burning tankers leaking oil into the Persian Gulf. Tony Sycamore of IG described the attacks as a direct response to the IEA’s oil release, which Iran had previously warned would lead to prices exceeding $200 a barrel. Earlier, Iran had targeted three vessels in Gulf waters, claiming they had violated its orders. U.S. President Donald Trump declared the war on Iran was “won” but emphasized the need to “finish the job,” adding uncertainty to markets. The conflict weighed heavily on equity markets, with the MSCI Asia-Pacific index dropping 0.8% and the Nikkei falling 1.6% amid concerns over oil-dependent Japan. U.S. and European futures also declined, with S&P 500 and Nasdaq futures down 0.8%, and European indices falling 0.6% to 0.8%. Inflation pressures dominated financial markets, as the U.S.#donald_trump #strait_of_hormuz #iranian_revolutionary_guards #international_energy_agency #tony_sycamore
