This morning, oil prices surged while stock markets generally saw declines, driven by escalating tensions in the Iran conflict following the involvement of Houthi rebels.

The intensifying situation has sparked investor anxiety over the potential deployment of U.S. ground troops, as the conflict enters its fifth week.

The oil market responded with significant gains, with both major contracts experiencing more than a three percent increase at one stage. Brent crude approached $117 per barrel before slightly retracting.

Simultaneously, Asian stock markets experienced a downturn. Tokyo faced a drop of over four percent, while Seoul saw losses exceeding three percent, although both managed to recover some ground. Other markets, including Hong Kong, Sydney, Mumbai, Bangkok, Wellington, Taipei, Jakarta, and Manila, also registered declines.

In Europe, the stock exchanges in London, Paris, and Frankfurt opened with slight decreases.

Key figures as of approximately 7:15 AM:

• West Texas Intermediate: UP 1.4 per cent at $101.01 a barrel
• Brent North Sea Crude: UP 2.6 per cent at $115.44 a barrel
• Tokyo – Nikkei 225: DOWN 2.8 per cent at 51,885.85 (close)
• Hong Kong – Hang Seng Index: DOWN 0.7 per cent at 24,771.32
• Shanghai – Composite: UP 0.2 per cent at 3,923.29 (close)
• London – FTSE 100: DOWN 0.1 per cent at 9,960.50