Saudi Pipeline Closure Sparks Global Market Jitters Amid Energy Concerns

The Indian equity markets are closed on Monday for Ganesh Chaturthi, but global markets are still feeling the pressure of escalating energy concerns.

Asian markets took a hit on Monday, with Japan's Nikkei 225 down by 0.59%, and South Korea's Kospi dropping 3.45% at the open.

The slide in markets coincided with Saudi Arabia's closure of its East-West oil pipeline, which is critical for bypassing the strategic Strait of Hormuz amid escalating geopolitical tensions.

Oil prices surged sharply in response to renewed attacks in Saudi Arabia and the Gulf region, with Brent crude futures rising 2.6% to reach USD 107.36 per barrel, and West Texas Intermediate (WTI), US crude, climbing 2.4% to USD 102.48 per barrel.