Crude oil surpasses $110 per barrel for the first time since July 2022, leading to major sell-offs across Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi indexes.
Crude oil prices have surged beyond $110 per barrel, a level not seen since July 2022, causing widespread turmoil across Asian equity markets. Major benchmarks including Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi recorded steep losses as concerns over energy security intensified. The sudden spike in oil costs raised alarms over rising inflationary pressures and potential economic slowdowns in energy-importing nations, contributing to global risk aversion.