Oil Prices Soar, ASX Plunges

0:00In Sydney, it's March 13th, and here's what is going on. Tensions in the Shred of Hormuz have sent oil prices soaring this week, with Brent Crude hitting $115 a barrel after A, 25% jump. That narrow waterway carries 20 to 25% of the world's oil, and a big share of liquefied natural gas. So threats from Iran halted, tankers, and sparked global chaos. This plunged in response, with the ASX dropping nearly 5% on Monday, before closing down, 3%. By week's end, the commodities heavy index was off 8% since the start of the month. Petra prices in Australia climbed to $2.50 a liter, turning everyone into instant experts on geopolitics. The Australian government revealed it has 36 days of petrol reserves, 29 days of jet fuel, and 32 days of diesel, but that did little to ease worries. Officials tapped emergency stockpiles, releasing seven days of petrol, and five days of diesel

1:01to steady pumps. Inflation fears mounted, putting rate hikes on the reserve bank agenda for next Tuesday. Even as broader markets bled red, a few ASX stocks shone through. Leading the pack was 88 energy, of 110% from 2.2 cents to 4.6 cents. The company announced plans for an oil hub on Alaska's north slope, near giants like Prudhoe Bay, riding the high crude wave. Other standouts included Aguilla resources, up 71% on a key mining permit, for its Brazilian phosphate project, chariot resources up. 43% after Nigerian lithium license approvals, and torque metals of 41% with the powerhouse new exploration team from A. Recent takeover target. This story is made possible by our sponsor, see the episode description. When you need a moment alone, just lay back and listen, S-O-L-I, solely pillow.com.