Fire breaks out at the Shahran oil depot after U.S. and Israeli attacks, leaving numerous fuel tankers and vehicles in the area unusable in Tehran, Iran, on March 8, 2026.
Anadolu | Anadolu | Getty Images
Asia-Pacific markets were set to tumble Monday, extending last week’s volatility as oil prices breached $100 per barrel for the first time since 2022.
Brent futures spiked 16.1% to $107.61, while U.S. West Texas Intermediate crude futures rose nearly 17.7% to $107.02.
The surge comes after major Middle Eastern oil producers, including Kuwait, Iran and the United Arab Emirates, cut oil production following the closure of the Strait of Hormuz.
U.S. President Donald Trump, however, posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
“Only fools would think differently!” Trump added.
Australia’s S&P/ASX 200 fell 3.1% in early trade.
Japan’s Nikkei 225 was poised to fall nearly 6% based on futures data, with the Chicago contract at 51,760 compared to the previous close of 55,620.84.
The futures contract in Osaka was at 51,660, representing a drop of over 7% against the last close
Hong Kong Hang Seng index futures were at 25,328, below the index’s last close of 25,757.29.
U.S. stock futures also tumbled on higher oil prices, with Dow Jones Industrial Average futures down over 800 points or 1.75% lower.
S&P 500 futures were down 1.59%, while Nasdaq-100 futures slid 1.6%.
— CNBC’s Spencer Kimball contributed to this report.