Oil nears $97, Asian stocks slide after Israel-Iran strikes
Why it matters: renewed attacks rattled traders already worried about inflation and disruption to shipping through the Strait of Hormuz.
Oil prices jumped and Asian equities fell Monday after Israel struck military targets in Iran and Tehran fired missiles toward Israel, shaking a ceasefire that had been in place since April. Brent crude rose as much as 4.4% to $97.15 a barrel, while US benchmark WTI traded above $94. South Korea's Kospi briefly triggered a circuit breaker after dropping nearly 9% at the open, and Japan's Nikkei 225 fell about 4% as tech shares sold off. Markets were also reacting to fears that a wider Middle East conflict could further disrupt energy flows through the Strait of Hormuz and keep inflation elevated, complicating hopes for lower interest rates.