Zürcher Nachrichten - Oil prices spike after US strikes on Iran

EUR -
AED 4.312395
AFN 81.599816
ALL 97.521009
AMD 451.037192
ANG 2.101446
AOA 1076.777926
ARS 1481.732606
AUD 1.803585
AWG 2.113631
AZN 1.949333
BAM 1.958543
BBD 2.371221
BDT 143.631157
BGN 1.959489
BHD 0.4427
BIF 3453.438467
BMD 1.17424
BND 1.502104
BOB 8.115366
BRL 6.446217
BSD 1.174445
BTN 100.819198
BWP 15.668677
BYN 3.843383
BYR 23015.094849
BZD 2.359004
CAD 1.604539
CDF 3387.680896
CHF 0.935847
CLF 0.028808
CLP 1105.475771
CNY 8.425052
CNH 8.424857
COP 4734.651222
CRC 593.130685
CUC 1.17424
CUP 31.117348
CVE 110.733844
CZK 24.637895
DJF 208.68582
DKK 7.460613
DOP 70.513586
DZD 152.202452
EGP 58.321778
ERN 17.613593
ETB 159.432402
FJD 2.639984
FKP 0.860313
GBP 0.861457
GEL 3.182487
GGP 0.860313
GHS 12.208472
GIP 0.860313
GMD 83.957729
GNF 10164.216748
GTQ 9.027643
GYD 245.704111
HKD 9.217598
HNL 30.823762
HRK 7.537678
HTG 153.635167
HUF 399.898539
IDR 19176.270968
ILS 3.934537
IMP 0.860313
INR 100.858311
IQD 1538.253788
IRR 49464.840412
ISK 142.59964
JEP 0.860313
JMD 187.442515
JOD 0.83257
JPY 171.335054
KES 152.05814
KGS 102.687161
KHR 4721.61692
KMF 493.753224
KPW 1056.81516
KRW 1610.775023
KWD 0.358472
KYD 0.978654
KZT 610.074415
LAK 25304.861651
LBP 105211.862666
LKR 353.344863
LRD 235.432722
LSL 20.972285
LTL 3.467224
LVL 0.710286
LYD 6.32895
MAD 10.586356
MDL 19.81241
MGA 5201.881765
MKD 61.55066
MMK 2465.364275
MNT 4208.005138
MOP 9.495999
MRU 46.623157
MUR 52.81687
MVR 18.083818
MWK 2039.061899
MXN 21.888054
MYR 4.975837
MZN 75.103972
NAD 20.971667
NGN 1802.586769
NIO 43.153367
NOK 11.86596
NPR 161.310917
NZD 1.952981
OMR 0.451458
PAB 1.174445
PEN 4.186751
PGK 4.886891
PHP 66.43574
PKR 333.777244
PLN 4.248839
PYG 9359.107515
QAR 4.274935
RON 5.061557
RSD 117.133876
RUB 92.408731
RWF 1683.85949
SAR 4.40388
SBD 9.789546
SCR 16.570562
SDG 705.128395
SEK 11.162268
SGD 1.50133
SHP 0.922768
SLE 26.42648
SLL 24623.220193
SOS 671.07786
SRD 43.743362
STD 24304.387555
SVC 10.276392
SYP 15267.376127
SZL 20.972083
THB 38.303106
TJS 11.303631
TMT 4.121581
TND 3.402358
TOP 2.750191
TRY 46.976827
TTD 7.960148
TWD 34.148998
TZS 3100.217807
UAH 49.135314
UGX 4212.900205
USD 1.17424
UYU 47.136014
UZS 14906.971119
VES 130.672017
VND 30700.492593
VUV 139.06333
WST 3.043639
XAF 656.865759
XAG 0.031912
XAU 0.000352
XCD 3.173441
XDR 0.813862
XOF 654.051311
XPF 119.331742
YER 284.342233
ZAR 20.957545
ZMK 10569.566402
ZMW 28.449359
ZWL 378.104651
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Oil prices spike after US strikes on Iran
Oil prices spike after US strikes on Iran / Photo: Atta KENARE - AFP

Oil prices spike after US strikes on Iran

Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran's nuclear facilities.

Text size:

The dollar strengthened as traders assessed the weekend's events, with Iran threatening US bases in the Middle East as fears grow of an escalating conflict in the volatile region.

Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day.

It exports just under half of that amount and keeps the rest for domestic consumption.

If Tehran decides to retaliate, observers say one of its options would be to seek to close the strategic Strait of Hormuz -- which carries one-fifth of global oil output.

When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.

They pared these gains however and later in the morning Brent was up 2.1 percent at $75.43 per barrel and WTI was 2.1 percent higher at $78.64.

Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", publishing a "scenario analysis" of an oil price increase of $10 per barrel.

"An oil price shock would create a real negative impact on most Asian economies" as many are big net energy importers, they wrote, reflecting the market's downbeat mood.

Tokyo's key Nikkei index was down 0.6 percent at the break, with Hong Kong losing 0.4 percent and Shanghai flat. Seoul fell 0.7 percent and Sydney was 0.8 percent lower.

- 'Extreme route' -

The dollar's value rose against other currencies but analysts questioned to what extent this would hold out.

"If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar's downward path is likely to resume," said Sebastian Boyd, markets live blog strategist at Bloomberg.

US Defense Secretary Pete Hegseth said Sunday that the strikes had "devastated the Iranian nuclear programme", though some officials cautioned that the extent of the damage was unclear.

It comes after Israel launched a bombing campaign against Iran earlier this month.

Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the "extreme route" of trying to close the Strait of Hormuz.

"By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas," he wrote.

At the same time, "while Trump's primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build".

- Key figures at around 0230 GMT -

Brent North Sea Crude: UP 2.1 percent at $75.43 per barrel

West Texas Intermediate: UP 2.1 percent at $78.64 per barrel

Tokyo - Nikkei 225: DOWN 0.6 percent at 38,175.63 (break)

Hong Kong - Hang Seng Index: DOWN 0.4 percent at 23,426.02

Shanghai - Composite: FLAT at 3,360.97

Euro/dollar: DOWN at $1.1505 from $1.1516 on Friday

Pound/dollar: DOWN at $1.3434 from $1.3444

Dollar/yen: UP at 146.46 yen from 146.13 yen

Euro/pound: DOWN at 85.63 pence from 85.66 pence

New York - Dow: UP 0.1 percent at 42,206.82 (close)

London - FTSE 100: DOWN 0.2 percent at 8,774.65 (close)

E.Schneyder--NZN