ASX plunged $90bn after global oil prices surged past the US$100 a barrel mark as military aggression in the Middle East removed roughly 20 million barrels of oil from the market each day. Monday at 9: 14 a. m. ET — the jumps, with Brent at $108. 10 and WTI at $108. 72, have sharpened public and investor focus on australian fuel shortages and market risk.
ASX Loses $90bn After Brent Jumps 16. 6% to $108. 10
Australia’s equities market suffered an estimated $90 billion drop in value as Brent crude rose 16. 6% to $108. 10 a barrel, the first time global prices topped the US$100 mark since 2022. Market participants reacted to the sudden price move, which began in Asia Pacific trading and translated into sharp revaluations across energy and transport-related stocks.
WTI Surges 19. 6% to $108. 72 as 20 Million Barrels Are Removed
West Texas Intermediate climbed 19. 6% to $108. 72 per barrel after reports that about 20 million barrels of oil per day were being wiped from the market amid escalating military aggression in the Middle East. Pre-market data put Wall Street on course to open lower on Monday, heightening volatility across global trading floors.
Australian Fuel Shortages Mentioned as Trump Calls Spike “a Very Small Price”
As global crude benchmarks rallied, references to australian fuel shortages circulated in public discussion alongside investor concern. Donald Trump argued on Sunday that the extraordinary spike in oil prices was “a very small price to pay for U. S. A., and World, Safety and Peace, ” a comment that highlighted how political messaging is entering the market narrative even as prices reach multi-year highs.
Brent’s advance to $108. 10 and WTI’s move to $108. 72 mark the sharpest climb since Russia’s 2022 invasion of Ukraine, forcing rapid reassessments of supply availability and cost for fuel-reliant sectors. The estimated daily loss of 20 million barrels from the market is the central driver cited for the price shock.
Markets will reopen for regular trading at 9: 30 a. m. ET Monday, when investors expect clearer price direction and liquidity conditions; that market open is the next confirmed event for which traders and consumers should watch for updated pricing and supply signals.
