International Brent crude was down 10% at $8.90 per barrel at 9.10 p.m. ET Monday. U.S. crude oil fell more than 9% to $86.05 per barrel. The declines came after oil surged past $100 on Monday.<\/p>\n
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The declines came after oil surged past $100<\/a>.<\/p>\n “With 20% of world oil supply stopped, we have the largest interruption ever,” said Bob McNally, president of Rapidan Energy Group, in reference to the closure of the Strait of Hormuz.<\/p>\n The biggest disruption before the current war was during the Suez Crisis of 1956 when Britain, France and Israel invaded Egypt’s Sinai Peninsula, the energy consulting firm told clients in a Sunday note<\/a>. At that time, roughly 10% of global oil supply was disrupted.<\/p>\n Other Asia stock indexes also gained. The small-cap Kosdaq added over 4%.<\/p>\n Australia’s\u00a0S&P\/ASX 200<\/a> rose 1.35% in early trade.<\/p>\n Japan’s Nikkei 225<\/a> jumped 1.66%, while the Topix gained 1.3%.<\/p>\n Hong Kong Hang Seng index<\/a> is up 1.56%, while the CSI 300 rose 0.9%.<\/p>\n Travel-related stocks also rebounded. Hong Kong listed shares of Air China<\/a> rose nearly 3%, while China Eastern Airlines<\/a> added 2.9%. China Southern Airlines<\/a> gained 2.85%. Singapore’s flagship airline, Singapore Airlines<\/a>, rose 1.54%.<\/p>\n Overnight in U.S. stocks advanced. The\u00a0S&P 500<\/a> rose 0.83% to close at 6,795.99, while the\u00a0Dow Jones Industrial Average<\/a>\u00a0added 239.25 points, or 0.5%, and ended at 47,740.80. The blue-chip index is coming off its biggest weekly slide in nearly a year. The\u00a0Nasdaq Composite<\/a>\u00a0jumped 1.38% and settled at 22,695.95. <\/p>\n Those moves mark an impressive turnaround from the losses seen earlier in the day. The Dow was down nearly 900 points at its session low, and the S&P 500 and Nasdaq had dropped as much as 1.5% each.<\/p>\n