Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent on Friday following reports of explosions in Iran, Syria, and Iraq, sparking fears of an escalation of the Middle East crisis.
West Texas Intermediate jumped 4 percent to $86 and Brent rose 3.9 percent to $90.5.
On Thursday, CNBC reported that Crude oil futures were mixed after a selloff earlier in the week as traders discounted fears of a war between Israel and Iran that could disrupt crude supplies.
The West Texas Intermediate contract for May delivery added 4 cents, or 0.05%, to settle at $82.73 a barrel. June Brent futures lost 18 cents, or 0.21%, to settle at $87.11 a barrel
Stock markets in Asia sink
Japan’s Nikkei 225 slid 2.6%. South Korea’s Kospi lost 2.3%. Hong Kong’s Hang Seng Index fell 1.3%. China’s Shanghai Composite was down 0.4%, CNN reported,
Asian stocks tumbled Friday, with Japan’s Nikkei slumping as much as 3.5% on heavy selling of semiconductor-related shares and other market heavyweights, according to MarketWatch.
Tensions in the Middle East were weighing on sentiment across the region, and U.S. futures were sharply lower, though paring losses seen earlier as news of the developments reached markets.