Global oil prices jumped sharply while Asian stock markets fell on Thursday following remarks by Donald Trump indicating that the United States would continue its military campaign against Iran, raising concerns over prolonged supply disruptions and economic instability.
Brent crude futures climbed by $6.33, or 6.3 percent, to $107.49 per barrel, while US West Texas Intermediate crude rose $5.28, or 5.3 percent, to $105.40 per barrel. The surge reversed earlier losses of more than $1 recorded before Trump’s televised address.
The price spike comes amid escalating tensions in the Middle East, particularly after Iran moved to close the Strait of Hormuz, a key passageway for global energy shipments. The disruption has affected roughly one-fifth of the world’s oil and liquefied natural gas supplies, intensifying what analysts describe as one of the most severe energy crises in decades.
“We are going to finish the job, and we’re going to finish it very fast. We’re getting very close,” Trump said on Wednesday, adding that US military objectives could be achieved within two to three weeks.
Investor sentiment across Asia weakened following the speech, with markets reacting to the prospect of sustained high energy costs. Southeast Asian economies, which depend heavily on imported oil, were particularly affected.
A key regional benchmark, the MSCI Emerging Markets Asia Index, fell by 2.3 percent, while regional currencies slipped by 0.2 percent.
In South Korea, the KOSPI dropped 4.2 percent after earlier gains. President Lee Jae Myung called on lawmakers to swiftly approve a 26.2 trillion won ($17.3 billion) supplementary budget to stabilize the economy amid what he described as the “worst energy security threat” linked to the Middle East crisis.
Other regional markets also recorded losses. Singapore’s Singapore Exchange slipped 0.8 percent after opening at a two-week high, while Malaysia’s benchmark index declined by 1 percent. Stocks in Indonesia and Taiwan fell by approximately 1 percent and 1.4 percent, respectively.
In mainland China, the Shanghai Composite Index dropped 0.53 percent, while the CSI 300 Index lost 0.74 percent. Hong Kong’s Hang Seng Index declined by 1.1 percent, with technology shares falling even further.
According to Patrick Fok of Al Jazeera, Iran had earlier attempted to ease tensions by sending a message to the United States, stating it had “no enmity” with Americans and was acting in self-defense. The move briefly boosted investor confidence and lifted Wall Street stocks.
However, renewed uncertainty following Trump’s latest remarks has weighed heavily on global markets. Analysts note that any signs of de-escalation could quickly restore investor confidence and trigger a rebound in both oil prices and equities.
Si Venus L Peñaflor ay naging editor-in-chief ng Newsworld, isang lokal na pahayagan ng Laguna. Publisher din siya ng Daystar Gazette at Tutubi News Magazine. Siya ay isa ring pintor at doll face designer ng Ninay Dolls, ang unang Manikang Pilipino. Kasali siya sa DesignCrowd sa rank na #305 sa 640,000 graphic designers sa buong daigdig. Kasama din siya sa unang Local TV Broadcast sa Laguna na Beyond Manila. Aktibong kasapi siya ng San Pablo Jaycees Senate bilang isang JCI Senator.
- Venus L Peñaflor
- Venus L Peñaflor
- Venus L Peñaflor
- Venus L Peñaflor
