Oil Prices Surge on Middle East Supply Disruption Fears

Oil prices have seen an uptick as concerns about potential supply disruptions intensify in the Middle East, particularly around the Strait of Hormuz.

The Wall Street Journal reports that these concerns could lead to tighter global oil balances and a noticeable rise in crude oil benchmarks, with Brent and WTI at elevated levels compared to earlier this year.

The Japan's Nikkei 225 index fell 2.7% following a decline on Wall Street, reflecting broader risk-off sentiment in equity markets.