Global Markets Plunge as Iran War Sends Oil Above $110 and Shuts Hormuz

Global financial markets plunged as the Iran war pushed oil prices above $110.

The Strait of Hormuz closure disrupted about 20% of global seaborne crude.

Al Jazeera

Asian markets opened sharply lower and German bonds fell more than 15% in value.

Reuters reported the crisis hit equities, bonds, currencies, and commodities simultaneously.

Iran closed the Strait of Hormuz to all foreign vessels, a vital chokepoint for 20% of seaborne crude.

Reuters described it as an unprecedented maritime closure.

Associated Press News

The Atlantic Council reported Southeast Asia faced fuel shortages that threatened industrial activity.

Bloomberg linked European interest rate volatility to the Strait closure uncertainty.

The escalation pushed oil-dependent economies toward recession.

The Washington Post detailed how Amazon was adding fuel surcharges.

CNN warned markets were moving from pricing fear to pricing reality.

CNBC reported increased difficulty and cost of trading in global financial markets.

Responses across Asia and the Middle East illustrated widening fallout.

Japan called on OPEC to increase production.

Atlantic Council

Oman said it would facilitate transit of commercial vessels to the extent possible.

The Guardian reported 21 Palestinian prisoners had escaped from a Gaza jail.