Oil jumps as Middle East conflict weighs on global markets

Amid the ongoing conflict in the Middle East, global oil prices remained elevated, with no signs of decline in international markets.

U.S. crude West Texas Intermediate (WTI) jumped 12% to reach $112 per barrel, while Brent Crude rose 8% to trade at $109 per barrel.

Meanwhile, Asian stock markets displayed a mixed performance. In Pakistan, the benchmark index of the Pakistan Stock Exchange dropped by 1,612 points to close at 150,398.

Elsewhere, Hang Seng Index fell by 0.7%, and the Shanghai Composite Index declined by 1%.

In contrast, Japan’s Nikkei 225 gained 1.26%, while South Korea’s KOSPI rose by more than 2.5%. The Indian stock market also closed in positive territory.