Oil prices rise as Houthi rebels enter war
Oil prices increased and stock markets largely fell this morning as the Iran war escalated with the entry of the Houthi rebels.
Investors are also growing increasingly concerned the US will send in ground troops as the conflict moves into its fifth week
Oil prices rose with both main contracts jumping more than three percent at one point, with Brent hitting close to $117 a barrel, before easing back.
Meanwhile Asian stock markets slid with Tokyo down more than four per cent and Seoul more than three per cent before paring the losses. Hong Kong, Sydney, Mumbai, Bangkok, Wellington, Taipei, Jakarta and Manila were also down.
In Europe, London, Paris and Frankfurt opened slightly lower.
Key figures at around 7:15am:
- West Texas Intermediate: UP 1.4 per cent at $101.01 a barrel
- Brent North Sea Crude: UP 2.6 per cent at $115.44 a barrel
- Tokyo – Nikkei 225: DOWN 2.8 per cent at 51,885.85 (close)
- Hong Kong – Hang Seng Index: DOWN 0.7 per cent at 24,771.32
- Shanghai – Composite: UP 0.2 per cent at 3,923.29 (close)
- London – FTSE 100: DOWN 0.1 per cent at 9,960.50
