Oil Prices Soar as Iran-Oman Plan Boosts Hormuz Shipping Hopes
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Show Notes
Asia-Pacific markets surged today as Iran and Oman draft a plan to oversee shipping through the Strait of Hormuz, potentially easing tensions and boosting oil supply. U.S. crude futures soared nearly 12% to $112.60 per barrel, with Brent crude climbing around 8% to $109.24. Spot prices for physical cargoes hit a record high of $141.36 since the 2008 crash. South Koreas Kospi led regional gains with a 3.25% jump, while Japans Nikkei and Topix also rose. U.S. markets closed mostly flat, with futures pointing to a quiet start as investors monitor oil prices and Middle East developments.
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