00:00Now, global oil prices have continued to surge above $100 a barrel,
00:05breaking past $110 this morning as attacks across the Middle East reduce supply
00:10and make transporting oil to market much harder and more expensive.
00:15Now, the last time oil prices topped $100 per barrel
00:18was after Russia invaded Ukraine back in 2022.
00:24About one-fifth of the world's oil supply normally passes through the Strait of Ormuz.
00:30But traffic through the narrow waterway has nearly halted since the war began a week ago.
00:35Three big OPEC producers, Kuwait, Iraq and the United Arab Emirates,
00:40also cut output over the weekend as they run out of storage space.
00:44They are unable to export through the Strait of Ormuz due to Iranian threats against tankers.
00:50Asian stocks fell on Monday as a surge in oil prices sparked investor concerns over renewed global inflation.
00:56Markets across the region and the lower,
00:59with Japan's Nikkei and South Korea's Cosby leading the losses.
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