BEIJING — Asian stock markets were mixed Monday after crude prices surged following an attack on Saudi Arabia’s biggest oil processing facility.
Hong Kong’s benchmark tumbled 1.1% while Seoul advanced and Shanghai and Sydney were little-changed. Japanese markets were closed for a holiday.
The benchmark U.S. crude price jumped more than $5 per barrel following the attack on oil producer Saudi Aramco’s Abqaiq facility, for which Yemeni rebels claimed responsibility. Brent crude, the international standard, was up $6 after spiking nearly $8 at one point.
The jump in crude prices hurt airline stocks and other businesses with big fuel bills and put upward pressure on inflation expectations. At the same time, higher prices are a boost to oil exporters such as Malaysia and temporarily pushed up share prices for crude producers.