The reference of Japan Nikkei 225 Index plunged more than 6% early Monday after oil price soared to more than $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 fell 6.3% and stocks in Australia and New Zealand fell more than 3%.
The price of a barrel of Brent crudewas at $107.97 shortly after trading resumed on Sunday. Chicago Mercantile Exchange. That’s 16.5% higher than Friday’s international benchmark closing price of $92.69.
Crude prices are at their highest level in more than three and a half years. Supply problems have driven up the price of crude and gasoline, as the war ensnares major oil-producing countries and hampers exports from the Persian Gulf.
