Oil Prices Surge as Japanese and South Korean Stocks Decline

Oil prices have risen sharply, leading to significant declines in Japanese and South Korean stock markets. According to RTHK, the May contract for London Brent crude oil reached $116.43 per barrel, marking a 3.4% increase and hitting a one-week high. Meanwhile, the May contract for New York crude oil climbed back above $100 per barrel, peaking at $103.38, which is a 3.8% rise and a three-week high. The Nikkei index has fallen below several key levels, reporting earlier at 50,849 points, a decrease of 2,523 points or 4.73%. Similarly, the Seoul Composite Index reported earlier at 5,182 points, down 256 points or 4.72%. Editor: Fang Jiali