Shares skid in Asia in sell-off of AI-related shares as Brent oil tops $100 per barrel
Summary
Shares in Asian markets fell sharply after the price of Brent crude oil rose above $100 per barrel, reaching its highest level since May. The rise in oil prices comes amid fighting in the Middle East, raising concerns about global oil supply, while U.S. stocks also dropped due to losses in major companies and new tariffs imposed by President Donald Trump.Key Facts
- Brent crude oil price rose over 7%, surpassing $100 per barrel, mainly due to attacks on Saudi oil tankers in the Red Sea.
- The increase in oil prices threatens the global supply chain of oil and gas.
- Asian stock markets fell significantly, including South Korea’s Kospi down 5.9%, and Japan’s Nikkei 225 down 3.1%.
- Major technology companies like Samsung Electronics and SK Hynix saw share prices drop by over 7%.
- U.S. stock markets fell after losses in companies Alphabet (Google) and Tesla.
- The U.S. is imposing new tariffs of 10% to 12.5% on imports from 60 countries for failing to enforce bans on forced labor goods.
- The U.S. dollar reached a 40-year high against the Japanese yen, trading at 163.83 yen.
- The oil price was around $72 per barrel before the recent conflict in Iran started in February.
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