Asian stock markets slide as global oil price hike over $116

Global oil prices surged and Asian stock markets tumbled as escalating tensions between Iran and the United States rattled energy markets and investor sentiment.

on Monday (March 30), Benchmark Brent crude rose more than 3 per cent to surpass $116 per barrel, its highest level since March 19, amid fears of supply disruptions through the Strait of Hormuz.

Analysts said the spike was driven by concerns over restricted oil shipments via the strategic waterway and mounting threats of a potential US ground operation against Iran.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that Tehran is prepared to respond to any US military action, while accusing Washington of planning aggression.

Regional tensions have intensified following missile strikes by Iran-aligned Houthi forces targeting Israel and the expansion of Israeli operations in Lebanon, raising concerns over a broader conflict.

Disruptions to oil and LNG supplies have already pushed crude prices up by nearly 60 percent since the onset of the conflict, with analysts warning that prices could climb further unless maritime traffic normalises.

US President Donald Trump has warned that Iran’s energy infrastructure could be targeted if control over key sea routes is not relinquished by April 6, though he also mentioned the possibility of a diplomatic solution, including mediation efforts involving Pakistan.

Market experts cautioned that the full impact of supply shortages is yet to be felt, with further price increases likely in Europe and beyond. Greg Newman, CEO of Onyx Capital Group, said crude prices could “easily exceed $120.”

Shipping activity throughout the region remains sharply reduced. While Iran has allowed limited passage for vessels from Pakistan and Malaysia, traffic has fallen significantly from pre-conflict levels of around 120 ships per day.