Oil surges past $100 a barrel as stocks tumble amid US-Israeli aggression against Iran

Crude oil prices have surged past $100 a barrel amid what the article describes as a "large-scale and unprovoked US-Israeli war on Iran."

“Crude oil prices have soared past $100 a barrel amid a large-scale and unprovoked US-Israeli war on Iran”

PressTV

The international benchmark of Brent crude jumped more than 20 percent on Sunday and at one point hit $115.

PressTV

It was trading around $107.50 as of 0230 GMT on Monday following a slight moderation.

The piece notes this is the first time oil prices climbed over $100 per barrel since the onset of Russia's operations in Ukraine in 2022.

The article ties the spike to direct military action: it says crude prices have spiked by about 50 percent since the US and Israel launched joint strikes on Iran on February 28, and that Iran, in retaliation, has effectively brought shipping in the Strait of Hormuz to a halt.

It reports that Iraq, the United Arab Emirates and Kuwait — three major OPEC producers — have slashed production amid an accumulating backlog of barrels with no destination to go due to the effective closure of the strategic waterway.

PressTV

Markets reacted sharply.

“Crude oil prices have soared past $100 a barrel amid a large-scale and unprovoked US-Israeli war on Iran”

PressTV

Asian stocks tumbled on Monday morning as investors prepared for the fallout of soaring energy prices — Japan's 225 index fell more than 7 percent, South Korea's KOSPI plunged more than 8 percent, and Hong Kong's Hang Seng fell nearly 3 percent.

US stock futures also fell significantly, with futures tied to the S&P 500 down 1.7 percent and Nasdaq futures down 1.90 percent.

Political leaders sought to downplay the price shock.

US President Donald Trump posted on Truth Social, "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for the USA, and World, Safety and Peace."

PressTV

US Secretary of Energy Chris Wright told CBS News' Face the Nation that any increase in prices at the petrol pump would be 'temporary.'

The article cites an IMF prediction that a sustained 10 percent rise in oil prices brings about a 0.5 rise in inflation and a 0.15 percent reduction in global economic growth.

The article does not provide further details on the strikes' targets, casualties, or a more detailed timeline beyond the February 28 date.