Asian markets steady as oil spikes amid Iran tensions
NewsBytes | April 20, 2026 10:39 AM CST
Energy prices surge after Hormuz closure
With the Strait of Hormuz closed off, oil prices shot up: Brent crude surged over 7% to nearly $97 a barrel.
Shipping costs climbed and inflation worries grew, even affecting government bond yields.
European gas prices also jumped by up to 11% as the situation tightened.
The situation got even messier after the US seized an Iranian vessel, making everyone more cautious about what comes next for global trade and energy costs.
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