Daily brief
Oil prices surged as Iran threatened to close the Strait of Hormuz, a key global shipping route, with analysts warning of a potential spike to $200 per barrel. The Iranian parliament approved a plan to impose tolls on ships passing through the strait. Ten India-bound ships carrying energy cargo are reportedly stuck in the Persian Gulf.
Asian stocks fell sharply, with South Korea's KOSPI dropping over 4%, as the Iran conflict fueled inflation and supply chain worries, erasing regional markets' gains for the year.
The IMF warned the Iran war could drive inflation and disrupt global supply chains, while Germany's industry federation said the conflict could impact 90% of the country's industry.
A power cut was reported in parts of Tehran before being restored, according to Iranian media.