Asia-Pacific markets tumble as investors brace for a prolonged war in Middle East
CNBC
Iran's new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut.
Asia-Pacific markets opened lower Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn.
Iran's new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut and that Tehran could open other fronts in the war if the conflict persists.
Commander of the Iranian Revolutionary Guard Corps Navy, Alireza Tangsiri, also doubled down on the threat in a social media post, warning of "the harshest blows to the aggressor enemy."
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,
European stocks are expected to start the new trading week firmly in negative territory.
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Gold prices rose on Monday after the U.S. and Israel launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global uncertainty.
Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.
European markets finished mixed as more earnings reports and economic data were in focus.