LONDON/SYDNEY: Brent crude oil rose 3% on Monday and was on track for a record monthly rise while global stocks were in limbo as investors dug in for a Gulf conflict they fear will bring a spike in inflation and the risk of recession to much of the globe. Shares across Asia fell, with Japan's Nikkei index closing down 2.8%, in a region more reliant on Gulf oil exports. The clampdown on the Strait has sent prices for oil, gas, fertiliser, plastic and aluminium surging, along with fuel for planes and shipping. European stocks were last up 0.3%, while S&P 500 futures and Nasdaq futures pointed to gains of about 0.5% apiece. "A scenario in which the Strait remains closed for an additional month would be consistent with oil prices rising towards $150/bbl and constraints on industrial consumers of energy supply."

Source: The Star March 30, 2026 12:04 UTC