Oil Climbs Above $115 and Asian Shares Slide as Iran War Enters Fifth Week — What It Means Now

Fresh details are pushing this story further into focus. Brent crude climbed above $115 per barrel in Monday morning trading as the Iran-US war entered its fifth week and markets processed the weekend's escalation — most significantly the entry of Yemen's Houthi rebels into the conflict, who launched a missile at Israel on Saturday in their first strike since the war began. The Houthis' return to active hostilities raises the prospect of simultaneous disruption to both the Strait of Hormuz and the Red Sea, the two most critical maritime chokepoints in global energy and trade logistics. Asian equity markets fell sharply in response, with investors fleeing to safe-haven assets including gold, the Japanese yen, and US Treasuries. Governments around the world have begun implementing emergency fuel measures — including fuel rationing and subsidised public transport — in an attempt to limit the inflationary impact on consumers. The, Asia, and the Middle East. The picture now is one of rising pressure, wider consequences and very little room for error.