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Crude prices extended their surge on Monday after Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed that two oil tankers attempting to pass through the Strait of Hormuz using an "unsecure" route exploded, following the latest drone attacks targeting two tankers off Russia.
Both international benchmark Brent and U.S. benchmark WTI rose nearly 3% to $90.6 and $84.7 per barrel, respectively, as of 7:00 a.m. GMT, as fears of supply disruptions mounted following the attacks.
In Asia, tech shares came under pressure, with South Korea’s KOSPI falling more than 4%. In China, the Shanghai Composite rose 0.9%, while Hong Kong’s Hang Seng surged 2% after reports of a new government incentive package.
However, Chinese tech shares also slumped, with the tech-heavy STAR Composite Index falling 5%.
The pan-European Stoxx 600 dropped 0.3%, while Germany’s DAX and France’s CAC 40 each lost 0.3%. The U.K.’s FTSE 100 fell 0.6%, while Türkiye’s BIST 100 also traded 0.3% lower.
U.S. stock futures were largely unchanged, with the tech-heavy Nasdaq 0.1% higher.
Gold fell 0.3% to remain around the $4,000 mark, while silver surged 1.6% to $56.8 per ounce. Palladium and platinum were down about 0.7% and 0.6%, respectively, to around $1,220 and $1,570 per ounce.
Bitcoin slid 0.9% to $64,120, while Ethereum fell 0.5% to $1,560. The total cryptocurrency market was down 0.8%.
U.S.-Iran exchanges of strikes continued over the weekend, with intensifying attacks claiming the lives of three American soldiers in Jordan and northern Iraq, U.S. Central Command (CENTCOM) confirmed, raising fears of further escalation.
Meanwhile, the IRGC claimed that two oil tankers attempting to pass through the Strait of Hormuz using an "unsecure" route exploded. The force also warned that all routes outside those designated by Iran should be considered unsafe for vessel traffic.
The U.K. Maritime Trade Operations (UKMTO) also confirmed a vessel was on fire about 8 nautical miles northwest of Kumzar, in Oman's northernmost province.
The IRGC Navy had earlier announced the closure of the Strait of Hormuz, citing an unstable security situation caused by foreign intervention.
Separately, two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia's Black Sea coast, forcing the suspension of crude loadings.
The CPC said there were no injuries, fatalities or oil spill, while Kazakhstan said the terminal's Single Point Mooring facilities were undamaged. Loading operations remain suspended pending an assessment.
Rising tensions across key oil shipping routes have heightened fears of supply bottlenecks in global energy markets, renewing concerns over inflationary pressures.
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