Japan’s benchmark Nikkei 225 index plunged more than 6% early Monday after oil prices soared to over $100 a barrel due to supply disruptions from the war in the Middle East.
The Nikkei was down 6.2% at 52,166.92 shortly after trading began early Monday. South Korea’s Kospi sank 6.3% and shares in Australia and New Zealand fell more than 3%.
The price for a barrel of Brent crude, was at $107.97 shortly after trading resumed Sunday on the Chicago Mercantile Exchange. That’s 16.5% higher than the international benchmark’s Friday closing price of $92.69.
Crude prices are at their highest level in more than three and a half years. Supply concerns have driven crude and gasoline higher as the war ensnares major oil-producing countries and hinders exports from the Persian Gulf.
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