Asia-Pacific markets decline as Brent crude surges to $123 amid Iran tensions

14 articles · Updated · CNBC · Apr 30

Brent crude futures jumped over 4% to $123 a barrel, a wartime high, after President Trump ordered an extended U.S. blockade of Iranian ports and rejected Iran's Strait of Hormuz proposal.
Australian, Japanese, and Hong Kong indices fell, while South Korea's Kospi edged higher. The Federal Reserve held interest rates steady, and U.S. markets saw mixed performance with the Dow falling for a fifth day.
Oil prices reached their highest since mid-2022 as Middle East conflict tightened supplies. Market declines reflect ongoing geopolitical risks and uncertainty over U.S.-Iran relations, with investors watching for further developments.

Will U.S. allies and major oil importers like China defy the American blockade of Iran to avert an energy crisis?

As the Hormuz blockade disrupts 20% of world oil, could the global economy be tipped into a 2026 recession?

How vulnerable are alternative oil routes to attack, and could their disruption push prices to a catastrophic $150 a barrel?

With oil at $120, does this crisis create the geopolitical will to finally accelerate the transition to clean energy?

With war fueling inflation, has the Federal Reserve lost its ability to cut interest rates and offer relief to consumers?

Is the U.S. naval blockade of Iran, a country it is not officially at war with, a violation of international law?