&imwidth=800&imheight=600&format=webp&quality=medium "Markets rattled, oil prices up as Trump threatens to destroy Kharg Island amid Iran war")
Asian stocks fell sharply, and oil prices surged on Tuesday (Mar 31) morning as the conflict in the Middle East took another sharp turn, as US President Donald Trump threatened to obliterate one of Iran's most critical economic assets if a deal isn't reached soon. The price of West Texas Intermediate (WTI), the main US benchmark for oil, went up 3.30 per cent to $106.28 a barrel. Brent Crude also climbed by 2.23 per cent to $109.78.
Asian stocks tumble after Trump's threat
South Korea's Kospi index shed more than four per cent in early trading, while Japan's Nikkei dropped 2.24 per cent, before both recovered slightly. The moves reflect growing unease among investors about where this conflict is headed and what it means for the global economy.
Oil markets told an equally stark story. West Texas Intermediate, the main US benchmark, climbed 3.30 per cent to $106.28 a barrel, a day after crossing $100 for the first time since the war began. Brent Crude, the international standard, rose 2.23 per cent to $109.78 in early Tuesday trade.
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What triggered the turbulence, the oil price rise?
The trigger for the latest market turbulence was a threat from Trump on Monday directed squarely at Iran's Kharg Island, the country's primary oil export terminal. Kharg Island handles the vast majority of Tehran's crude shipments. Trump warned that unless Tehran moved quickly toward a deal, US forces would take out the island along with power stations and desalination facilities. As he put it bluntly in a Truth Social post, US troops would destroy "all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!)."
Even as he issued the threat, Trump suggested diplomatic talks were gaining traction, a mixed signal that has become something of a pattern throughout this conflict.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
