Oil prices surge while Asian share prices rise moderately

Oil prices surged on Friday as traders worried that the Iran war could disrupt supplies through the Strait of Hormuz, one of the world’s most important energy routes. Asian share prices rose only moderately in cautious trading.

According to AP, benchmark U.S. crude rose to $111.54 a barrel, while Brent crude jumped 7.8% to $109.03 a barrel. The move extended a run of gains tied to fears that the conflict could spread and threaten shipments from the Gulf.

At the same time, stock markets in Asia were mixed but generally firmer. Japan’s Nikkei 225 gained 0.9% in morning trading to 52,938.62. AP said some markets were closed for the Good Friday holidays, which limited overall regional trading.

The price spike came even as investors weighed broader supply conditions. OPEC said earlier this month that eight OPEC+ countries agreed to a production adjustment of 206,000 barrels a day for April 2026, underscoring how tight the market was before the latest conflict-driven jump.

The latest move shows how quickly geopolitical risk is feeding into energy markets, with crude carrying the strongest reaction while equities remain relatively resilient for now.