Crude Oil Prices Surpass $100 a Barrel
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Benchmark WTI crude oil futures topped 100 dollars per barrel in New York trading on Sunday. The 111-dollar mark was hit at one point.
The war has significantly disrupted energy markets and heightened concerns about supply flows through the Strait of Hormuz, one of the world's most critical oil shipping routes
The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass through the Strait of Hormuz.
Japan’s Nikkei 225 tumbled 6.22% and fell below the 53,000 mark for the first time since February 6, while the Topix declined 5.27%. South Korea’s Kospi cracked 6.68%.
Crude oil surged to a multi-year high above key resistance, reclaiming the 200-week average and triggering bullish patterns, signaling potential continuation of the long-term upward trend.
Oil prices rose sharply when market trading began late Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.
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WTI crude oil edges higher on Middle East supply risks as traders eye EIA inventory data and key resistance in crude oil futures analysis.