![\"KOSPI\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/03\/AP26068062941372-1773025072.jpg\")
A TV cameraman films the screens showing the KOSPI and the foreign exchange rate between the US dollar and the South Korean won at Hana Bank in Seoul, South Korea, on March 9, 2026 [Lee Jin-man\/AP]<\/p>\nListen to this article\u00a0|\u00a02 mins<\/p>\n
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Oil prices have surged past $100 a barrel amid the fallout of the United States and Israel\u2019s war on Iran.<\/p>\n
Brent crude, the international benchmark, rose more than 20 percent on Sunday, at one point topping $114 a barrel, as fears grew of prolonged disruption to global energy supplies.<\/p>\n
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After moderating slightly, the benchmark was hovering around $107.50 as of 02:30 GMT on Monday.<\/p>\n
The surge marked the first time oil rose above $100 per barrel since Russia\u2019s 2022 invasion of Ukraine.<\/p>\n
US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 election, brushed off the spike in prices.<\/p>\n
\u201cShort term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is\u00a0a very small\u00a0price to pay for U.S.A., and World, Safety and Peace,\u201d Trump said in a post on Truth Social.<\/p>\n
\u201cONLY FOOLS WOULD THINK DIFFERENTLY!\u201d<\/p>\n
US Secretary of Energy Chris Wright also downplayed the prospect of rising energy prices earlier on Sunday, telling CBS News\u2019 Face the Nation programme that any increase in prices at the petrol pump would be \u201ctemporary\u201d.<\/p>\n
Crude oil prices have surged by about 50 percent since the US and Israel launched joint strikes on Iran on February 28.<\/p>\n
Iran has brought shipping in the Strait of Hormuz to an effective halt in retaliation, threatening about one-fifth of the global oil supply.<\/p>\n
Iraq, the United Arab Emirates and Kuwait, three of the biggest producers in The Organization of the Petroleum Exporting Countries (OPEC), have cut production amid an accumulating backlog of barrels with nowhere to go due to the effective closure of the waterway.<\/p>\n
Attacks on energy production facilities in the region have further threatened supplies.<\/p>\n
Iran has been blamed for multiple attacks on energy facilities across the Gulf, including in Qatar, Saudi Arabia and Kuwait.<\/p>\n
On Saturday, Israel carried out air strikes targeting Iran\u2019s oil infrastructure for the first time since the start of the war.<\/p>\n
The strikes hit four oil storage facilities and an oil production transfer centre in Tehran and the province of Alborz, according to Iranian state media.<\/p>\n
Iran\u2019s Revolutionary Guard Corps (IRGC) on Sunday threatened to target energy facilities across the region in retaliation, warning that oil could soar to $200 a barrel if the US and Israel \u201ccontinue this game\u201d.<\/p>\n
A TV cameraman films the screens showing the KOSPI and the foreign exchange rate between the US dollar and the South Korean won at Hana Bank in Seoul, South Korea, on March 9, 2026 [Lee Jin-man\/AP]<\/p>\n
Stocks in Asia fell sharply on Monday morning, as investors braced for the fallout of rising energy prices.<\/p>\n
Japan\u2019s Nikkei 225 tumbled more than 7 percent in early trading, while South Korea\u2019s KOSPI plunged more than 8 percent.<\/p>\n
In Hong Kong, the Hang Seng Index fell by nearly 3 percent.<\/p>\n
US stock futures, which are traded outside of regular market hours, also saw substantial losses.<\/p>\n
Futures tied to Wall Street\u2019s benchmark S&P 500 fell by 1.7 percent, while those for the tech-heavy Nasdaq Composite dropped by 1.90 percent.<\/p>\n