Oil price continues to rise amid Middle East crisis but stock markets rebound across Asia

"South Korea's KOSPI, which posted its biggest ever fall on Tuesday of 12%, soared almost 10% on Thursday, while Japan's Nikkei climbed by 1.9%. MSCI's Asia-Pacific index excluding Japan jumped by 2.7%. Oil rose further after Iran's Tasnim news agency reported that US oil tanker in the northern Persian Gulf had been hit by a missile launched by Iranian forces."

"Qatar, the Gulf's biggest liquefied natural gas producer, suspended activity at its facilities on Monday and declared force majeure on gas exports on Wednesday, freeing it from contractual obligations to its customers. Reuters quoted sources as saying that a return to normal production volumes could take at least a month."

"Wizz Air, which has cancelled flights to and from Israel, Dubai, Abu Dhabi and Amman until 15 March, warned of a 50m (43m) hit to annual profits, also reflecting the impact of higher jet fuel costs. This means net profits this year are likely to be below its previous range of a 25m loss to a 25m profit."

Asian stock markets recovered significantly following substantial losses, with South Korea's KOSPI rising nearly 10% and Japan's Nikkei climbing 1.9%. However, energy markets remained volatile as oil prices increased 3.3% to $84 per barrel following reports of missile strikes on US tankers in the Persian Gulf. Gas prices also climbed, with UK gas up 1% and European natural gas futures rising 2%. Qatar suspended liquefied natural gas facility operations and declared force majeure, with production recovery potentially taking a month. Middle Eastern exchanges implemented temporary 5% price limits. Airlines faced significant impacts, with Wizz Air warning of €50 million profit losses from flight cancellations and higher fuel costs. China's government instructed major oil refiners to halt diesel and gasoline exports amid crude supply disruptions.

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