Global oil prices rose significantly on Monday, driven by fresh economic stimulus announcements from China and escalating instability in Syria.
Brent crude closed at $72.36 per barrel, up 1.7%, while West Texas Intermediate increased by 2.1% to $68.59 per barrel.
The price hike followed reports of Syrian President Bashar al-Assad fleeing the country after Islamist-led rebels seized control of Damascus, fueling concerns about disruptions in the oil-rich Middle East.
China’s move to adopt more relaxed monetary policies to address slowing economic growth further bolstered commodity markets, with analysts expecting higher demand in the coming months.
Meanwhile, global markets displayed mixed reactions.
Hong Kong’s Hang Seng Index surged 2.8% on optimism surrounding China’s economic measures, while South Korea’s Kospi dropped 2.8% amid political turmoil after President Yoon Suk Yeol narrowly avoided impeachment.
Investors are now closely watching U.S. inflation data due this week, which could shape the Federal Reserve’s interest rate decision.
Key Market Figures as of 1630 GMT
New York – Dow Jones: Down 0.1% at 44,582.94
Paris – CAC 40: Up 0.7% at 7,480.14
London – FTSE 100: Up 0.5% at 8,352.08
Hong Kong – Hang Seng: Up 2.8% at 20,414.09
The developments in China and the Middle East, coupled with inflation data and central bank decisions, will likely continue shaping market dynamics in the weeks ahead.