Strait of Hormuz Crisis: Oil Fluctuations, Asian Stock Market Gains

International oil markets are experiencing significant fluctuations due to the crisis in the Middle East and developments around the Strait of Hormuz. The price of WTI crude oil moved near $88 a barrel, after previously reaching $120.

The increase is linked to uncertainty surrounding the Strait of Hormuz, a critical sea route for global oil transport. The price 'correction' came after a warning from Donald Trump to Iran.

Member countries of the International Energy Agency (IEA) are considering releasing strategic oil reserves to curb prices. According to the Wall Street Journal, the plan envisages releasing more oil than the 182 million barrels released after Russia's invasion of Ukraine.

The relative stabilization in oil prices helped Asian stock markets recover. South Korea's Kospi index rose by 2.5%, while the Nikkei 225 in Tokyo recorded an increase of almost 2%.

Markets are closely monitoring the situation in the Strait of Hormuz, through which about 20% of global crude oil production passes.