Oil Hits $100 Per Barrel On Iran War Fears As Global Stocks Plunge, S&P 500 Drops 1.5%, Dow Falls 1.6%

New York: Worries about the war with Iran sent oil prices back to USD 100 per barrel, and stocks sank worldwide. The S&P 500 fell 1.5 per cent on Thursday and returned to big swings following a couple of days of relative calm. The Dow Jones Industrial Average dropped 1.6 per cent, and the Nasdaq composite sank 1.8 per cent.

The centre of action was again the oil market, where the price of a barrel of Brent crude got as high as USD 101.59. Treasury yields climbed in the bond market on worries about higher inflation and fewer cuts to interest rates by the Federal Reserve. Asia shares were mostly lower on Friday, tracking Wall Street losses, while oil prices hovered around $100 per barrel as anxiety remained over the Iran war and its impact on supplies of crude oil and gas. Tokyo's Nikkei 225 index slipped 1.1% to 53,867.74. Technology-related stocks saw some of the bigger losses, with SoftBank Group falling 4.5%. South Korea's Kospi fell 1.3% to 5,511.83.

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First Oil Tanker Crosses War-Hit Strait Of Hormuz To Reach Mumbai, Another En Route To Paradip

Hong Kong's Hang Seng lost 0.1% to 25,680.65, while the Shanghai Composite index edged up 0.1% to 4,131.44. Australia's S&P/ASX 200 was up 0.1% at 8,639.60, while Taiwan's Taiex was trading 0.7% lower. U.S. futures gained 0.4%. Oil prices held steady. Brent crude, the international standard, gained 0.6% to $97.22 per barrel. It topped $100 Thursday, days after jumping to near $120 earlier this week. Benchmark U.S. crude fell 0.2% to $95.22 per barrel.

On Thursday, Iran's new Supreme Leader Ayatollah Mojtaba Khamenei, in his first public statements, vowed Iran would keep fighting and continue to use the Strait of Hormuz – a crucial waterway for oil and gas transport which has been effectively closed with significant marine traffic disruptions – as leverage against the U.S. and Israel. Roughly 20% of the world's oil is estimated to flow through the strait, and attacks on ships in or around the strait have already heightened concerns "over the scale of supply disruption and persistent shipping bottlenecks,” wrote analysts at Mizuho Bank in a commentary.

The remarks from Iran's new leader came after U.S. President Donald Trump said the war was “very complete,” which have raised worries over how much longer the tensions could last. Oil prices have been volatile since the Iran war began, with Brent crude surging to near $120 this week to their highest level since 2022.

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