US crude tops US$110, Wall Street falls after Trump vows more Iran attacks

On Thursday, US stocks and global markets fell after President Trump announced continued US attacks on Iran, creating uncertainty about the conflict's duration. The S&P 500, Dow Jones, and Nasdaq all experienced significant declines, mirroring losses in European and Asian markets. This downturn reversed gains made earlier in the week, which were fueled by hopes of a swift resolution to the conflict. Oil prices surged, with US crude topping US$110, due to curtailed shipping in the Strait of Hormuz, a critical oil transit route. The market is closed on Good Friday, marking Thursday as the last trading day of the week.

Oil prices surged and Asian stocks fell following President Trump's announcement that the U.S. would continue attacks on Iran, raising concerns about sustained oil supply disruptions. Brent crude rose over 6% to $107.49 per barrel, while U.S. West Texas Intermediate crude increased over 5% to $105.40 per barrel. The price increases occurred after Iran's closure of the Strait of Hormuz disrupted a significant portion of global oil and LNG supplies. Trump stated the U.S. military was close to achieving its goals in the conflict. Southeast Asian countries, heavily reliant on oil imports, were particularly affected by the rising prices, causing a drop in Asian emerging market stocks and a weakening of regional currencies. South Korea's stock market experienced a significant decline of 4.2%.