Oil prices rose 4% Monday morning, extending a volatile week, as Asian stock markets deepened their declines, according to market reports. The moves follow a surge toward $80 a barrel earlier today.
Oil prices extended their rally Monday morning, climbing 4% as Asian stock markets deepened their losses, according to market reports. The moves come just over an hour after The Zioneer reported oil surging toward $80 a barrel on Hormuz turmoil — the latest in a volatile stretch driven by tensions in the Strait of Hormuz and diplomatic developments between Washington and Tehran.
Earlier Monday at 08:03 Jerusalem, The Zioneer reported Asian markets tumbling and oil surging toward $80. The new 4% climb adds to that early gain, though the exact price level was not specified in the current report. The deepening of Asian stock losses suggests continued risk aversion among investors.
What remains unclear is whether the move reflects a sustained trend or a short-term spike. The broader context includes a series of sharp oil price swings over the past week, from peace-deal optimism to renewed sanctions threats.
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