Brent Crude Oil Surges 4% Above $100 Amid US-Iran Tensions

AI Summary

Brent crude oil prices have risen by 4% to $103.94 a barrel after falling over 10% on Monday. This fluctuation followed conflicting reports on US-Iran discussions, with the price having hit $113 prior to a statement from US President Donald Trump indicating a delay in military action against Iran. The Strait of Hormuz, a crucial shipping route for 20% of global oil and LNG, is under heightened tension due to the ongoing conflict, which began on February 28. Additionally, Asian stock markets showed stability with Japan's Nikkei 225 up 0.8%, Hong Kong's Hang Seng up 1.6%, and South Korea's Kospi up 2.2%.