TOKYO (AP) — Oil prices continued to surge on worries of a prolonged Iran war but most Asian markets that were open rose moderately in cautious trading Friday.
In Europe, trading was closed in France, Germany and Britain for the Good Friday holiday.
U.S. markets trading also was closed, but S&P 500 futures are trading and slipped nearly 0.3% to 6,604.50. Dow futures were down 0.3% at 46,615.00.
Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel.
“A more extended conflict raises the threat to physical infrastructure, extends disruptions through the Strait of Hormuz, and will entail a longer post-war recovery period, with price impacts spilling over later into the year,” according to a report from BMI, a unit of Fitch Solutions.
The U.S. relies on the Persian Gulf for only a fraction of the oil it imports, but oil is a commodity and prices are set in a global market.
The situation is very different in Asia. Japan, for example, needs access to the Strait of Hormuz for much of the nation’s oil imports or would need alternative routes. But some analysts say Japan and other nations are counting on an agreement with Iran to allow fuel to be transported through the strait.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. The Trucker Media Group is subscriber of The Associated Press has been granted the license to use this content on TheTrucker.com and The Trucker newspaper in accordance with its Content License Agreement with The Associated Press.
