Brent Crude Hits $100 per Barrel Amid Middle East Supply Disruptions
World markets were mixed on Friday as Brent crude oil prices surged to their highest level since May, reaching $100.69 per barrel, amid concerns over supply disruptions in the Middle East.
The price of Brent crude has been rising due to attacks on two Saudi oil tankers in the Red Sea, which threaten another key route for oil exports from the region. US President Donald Trump warned 'major military punishment' against the Houthi rebels if they continue attacking ships.
As a result, shares in Asia skidded lower, with South Korea's Kospi falling 5.7% to 6,690.62, led by losses for technology companies such as Samsung Electronics and SK Hynix.
Tesla's stock tumbled 14.5% after the company reported a weaker profit than expected, while Alphabet's stock fell 7.1% due to concerns over its AI spending plans. The US dollar rose to a 40-year high against the Japanese yen, trading at 163.79 yen early Friday.