Global oil prices jumped above 100 US dollars a barrel as energy markets reopened in Asia after the US announced a blockade of Iranian ports. Global benchmark Brent crude is up by 8.5 per cent at 102.37 US dollars a barrel, while West Texas Intermediate is 9 per cent higher at 105.34 US dollars a barrel. Major stock indexes in Asia slipped in trade today. The Nikkei 225 in Japan fell by 0.8 per cent, while South Korea’s Kospi was down by 1.8 per cent.

The failure of US-Iran negotiations at the weekend has raised concerns that the global energy crisis will deepen. In recent weeks, both energy and financial markets worldwide have experienced significant volatility as investors respond to ongoing developments in the conflict. Last week, the price of oil plunged well below 100 US dollars after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.