Global oil prices witnessed a significant surge after US President Donald Trump announced a naval blockade against Iran, while Asian stock markets also showed a downward trend, raising concerns about potential impacts on the global economy.
Brent crude, which is considered a key global benchmark, rose by more than 8 percent on Sunday and crossed $103 per barrel, marking the first time it has moved above the psychological threshold of $100 again, after having dropped below $92 per barrel last week, reflecting ongoing market volatility.
US President Donald Trump announced that the US Navy would block all ships entering or exiting Iran through the Strait of Hormuz, a move that came after the failure of ceasefire negotiations between the United States and Iran, further escalating tensions in the region.
However, the US Central Command later clarified that the blockade would be limited only to vessels associated with Iran, while the movement of other international ships would continue as usual, and the blockade is set to take effect from Monday.
The Strait of Hormuz is considered a critically important route for global energy supply, through which nearly one-fifth of the world’s oil and gas passes, but recent tensions and attacks between Iran and the United States have significantly reduced maritime traffic in this key passage.
According to data, around 130 ships used to pass through the route daily before the conflict, but in recent days this number has dropped to just 17, clearly indicating the impact of rising tensions in the region.
Meanwhile, Asian stock markets also recorded declines, with Japan’s Nikkei 225 index falling by 0.9 percent and South Korea’s Kospi dropping by more than 1 percent, while US stock futures also registered losses, reflecting growing investor concerns worldwide.
