Oil prices surge as Asia-Pacific markets fall on Iran tensions

14 articles · Updated · CNBC · Apr 30

Brent crude jumped over 5% to $124.5 a barrel and WTI rose above $109 after reports the U.S. military will brief President Trump on possible action against Iran.
Asia-Pacific markets mostly declined, with Japan’s Nikkei 225 down 0.91% and Australia’s S&P/ASX 200 losing 0.43%, as Middle East conflict threatens oil supplies and the Federal Reserve kept interest rates steady.
Wall Street benchmarks also fell overnight, with the Dow Jones closing lower for a fifth straight session, while Trump’s rejection of Iran’s Strait of Hormuz proposal signals continued naval blockade and heightened geopolitical risk.

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?