Oil prices surge over 100 dollar per barrel after US announces blockade of Iran ports

Global oil prices jumped above 100 US dollars a barrel as energy markets reopened in Asia after US announced a blockade of Iranian ports. Global benchmark Brent crude is up by 8.5 percent at 102.37 US dollars a barrel, while West Texas Intermediate is 9 percent higher at 105.34 US dollars a barrel.

Major stock indexes in Asia slipped in trade today. The Nikkei 225 in Japan fell by 0.8 percent, while South Korea’s Kospi was down by 1.8 percent.