Oil prices surge while Asian share prices rise moderately

Oil prices continued to surge on worries of a prolonged Iran war but most Asian markets that were open rose moderately in cautious trading Friday. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel. “A more extended conflict raises the threat to physical infrastructure, extends disruptions through the Strait of Hormuz, and will entail a longer post-war recovery period, with price impacts spilling over later into the year,” according to a report from BMI, a unit of Fitch Solutions.