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Oil prices surged above $105 per barrel due to potential escalation of the Iran war, leading to gains in European stock markets despite underlying uncertainty. Asian markets showed mixed results.

European Stocks Climb as Oil Prices Rise

Oil prices climbed higher in Europe by early Tuesday afternoon following news of potential further escalation in the Iran war. The Euro Stoxx 50 index jumped almost 1%, reflecting investor reactions. Major oil benchmarks, including West Texas Intermediate and Brent crude, remained well above $100 a barrel. This market movement indicates investors are wary of the uncertainty surrounding US President Donald Trump's threats to destroy Iran's key oil export hubs and desalination plants unless a deal is accepted.

Mixed Asian Markets as Oil Surge Continues

Asian markets showed mixed performance. Japan's Nikkei 225 was up 0.6%, while South Korea's Kospi fell over 4%. Hong Kong's Hang Seng traded flat, and the Shanghai Composite Index was down 0.8%. Analysts suggest that the latest declines in markets indicate investors remain wary over the Iran war. Governments worldwide are scrambling to implement measures to ease the burden of surging fuel prices, as Iran continues to blockade around one-fifth of global crude oil and gas passing through the Strait of Hormuz.

*Source: YouTube: Euronews (2026-03-31)*

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