Oil Prices Surge While Asian Share Prices Rise

TOKYO (AP) — Oil prices are surging on worries of a prolonged Iran war while most Asian financial markets are rising moderately during cautious trading. Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel. Stocks rose in Japan and South Korea, while declining in Shanghai. Markets were closed for the Good Friday holiday in other Asian markets, as well as France, Germany and Britain and Wall Street. Crude oil prices have been driving sharp swings for stocks globally. Shipping traffic has been severely curtailed in the Strait of Hormuz.