Oil Prices Surge, Asian Stocks Rebound Amid Middle East Crisis
Oil and gas prices climb amid Middle East supply disruption, while Asian stock markets rebound after heavy losses driven by the regional conflict.
The ongoing Middle East crisis has led to a surge in global oil and gas prices, but there is a glimmer of hope as stock markets in Asia begin to rebound after days of heavy losses. Crude oil prices have jumped by 3% to $84 per barrel, lifted by reports of an attack on a US-registered tanker in the Gulf region. This disruption to supply has caused the cost of natural gas to also start climbing.
Despite the worrying developments in the Middle East, there are signs of recovery in Asia's stock markets. South Korea's KOSPI, which experienced its biggest ever fall of 12% on Tuesday, has soared almost 10% on Thursday. Similarly, Japan's Nikkei has climbed by 1.9%. The MSCI Asia-Pacific index excluding Japan has jumped by an impressive 2.7%.
Source: The Guardian
