Pakistan Iran War Fuel
Motorcyclists crowd into a filling station as they wait their turn to buy fuel, in Karachi, Pakistan, Thursday, April 2, 2026.
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Oil prices are surging on worries of a prolonged Iran war while Asian financial markets are rising moderately during cautious trading. Some markets were closed for the Good Friday holiday. Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel. Stocks rose in Japan, South Korea and Shanghai. Markets were closed in several places including Wall Street, which finished its first winning week since the start of the Iran war. Crude oil prices have been driving sharp swings for stocks globally. Shipping traffic has been severely curtailed in the Strait of Hormuz.
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