Oil futures surge 20% past $110 as war fears hammer Asian stocks, bitcoin steady near $67K

Oil futures surged past $110 a barrel on Monday, driven by escalating Middle East tensions that raised concerns over potential supply disruptions near the Strait of Hormuz, which handles about 20% of global crude supply. This surge caused significant drops in Asian markets, with Japan's Nikkei 225 falling over 6% and South Korea's Kospi dropping around 8%. Despite the energy shock, Bitcoin traded steadily near $67,000, and other cryptocurrencies saw only modest gains, suggesting the market viewed the event as energy-specific rather than a broad risk-off event. Prediction markets show a high probability of crude reaching $120 by the end of March, and markets still anticipate the Federal Reserve will hold interest rates steady at its upcoming meeting, although sustained high oil prices could complicate future inflation considerations.

(Source：CoinDesk)