Oil Prices In Asia Surge Above USD 80 Per Barrel

(MENAFN- Kuwait News Agency (KUNA)) KUALA LUMPUR, March 2 (KUNA) -- Asian energy and transport markets on Monday saw sharp rises in oil prices and declines in airline stocks following joint US-Israeli military strikes on Iran over the weekend, triggering disruptions in navigation through the Strait of Hormuz, which handles about 20 percent of global oil supplies.
Brent crude rose early Monday to slightly above USD 80 per barrel, compared with Friday's close of USD 72.87, before retreating slightly, as concerns over shipping through the Strait of Hormuz persisted despite its partial openness for limited vessel passage.
The oil price surge directly impacted Asian financial markets, with airline shares dropping significantly due to heavy fuel dependence; Cathay Pacific shares fell over five percent initially, while Qantas dropped 10.4 percent at market open before moderating losses.
Other affected Asian airlines included ANA Holdings, Air China, China Southern Airlines, China Eastern Airlines, AirAsia X, China Airlines, and EVA Airways, all posting declines of at least four percent, highlighting Asia's heavy reliance on Middle Eastern energy supplies. (end)
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