Murban crude oil surged to a record $106 per barrel on Friday as renewed Middle East tensions rattled global markets and raised inflation concerns.
Murban, the United Arab Emirates’ flagship crude grade, reached its highest price against other major crude benchmarks.
Meanwhile, Brent crude climbed above $100 per barrel in the Asian markets today. The latest rally followed fresh attacks involving Iran, the United States and Yemen’s Houthi rebels. Consequently, traders fear further disruptions to oil shipments and global energy supplies.
Saudi Arabia has relied on Red Sea routes to export millions of barrels of oil. Therefore, any disruption around the Strait of Hormuz could remove additional supplies from international markets.
Asian Markets Follow Wall Street Rout
Asian markets also fell sharply after Wall Street suffered heavy losses. Investors remain concerned about massive spending on artificial intelligence infrastructure and uncertain returns.
Alphabet shares dropped nearly seven percent, while Tesla plunged more than 14 percent. Meanwhile, the Magnificent Seven lost almost $800 billion in market value.
Moreover, South Korea’s Seoul market declined more than three percent. Samsung and SK hynix both fell over seven percent.
Tokyo’s Nikkei also dropped sharply, while Hong Kong, Shanghai, Sydney, Singapore, Taipei and Manila recorded significant losses.
Additionally, renewed tariff concerns added pressure. Washington plans new 10% to 12.5% tariffs on 60 trading partners, including China and India, further worsening investor sentiment.
