Oil prices climb after U.S. strikes increase market uncertainty

• Oil prices jumped more than 3% after U.S. strikes on Iran following attacks on ships in the Strait of Hormuz.
• Brent crude rose to $76.54 per barrel while U.S. crude climbed to $72.72 per barrel.
• Asian stocks traded mixed as investors weighed geopolitical risks and concerns over AI-related valuations.

Oil prices rose more than 3% on Wednesday after U.S. strikes on Iran following attacks on three ships in the Strait of Hormuz increased concerns about the stability of energy supplies.

Brent crude, the international benchmark, gained 3.2% to $76.54 per barrel, while U.S. West Texas Intermediate crude increased 3.2% to $72.72 per barrel.

The move came after oil prices had recently fallen back toward levels seen before the conflict with Iran began in late February.

Analysts said renewed geopolitical concerns could influence investor sentiment and add pressure to equity markets, particularly technology stocks.

Asian markets showed mixed performance, with Japan’s Nikkei 225 falling 1.2% and South Korea’s Kospi declining 5.6%.

Hong Kong’s Hang Seng Index gained 2.9%, while China’s Shanghai Composite fell 0.3% as investors also monitored volatility in artificial intelligence-related shares.