Business News and Headlines

World Hit by Worst Oil Shock Since the 1970s

Oil prices surged dramatically on Monday, with Brent crude jumping 27% to $117.58 per barrel and U.S. crude climbing 28% to $116.51, marking the steepest daily gain since at least 1988. The spike follows heightened tensions in the Middle East, including Iran’s leadership change and ongoing hostilities that have stalled tanker traffic through the Strait of Hormuz. Asian equity markets plunged, led by a 7% drop in Japan’s Nikkei, while investors fled to the U.S. dollar amid fears of rising inflation and tighter monetary policy. Analysts warn the shock could persist for weeks or months, testing Washington’s response and global energy security.