Brent nears $100 a barrel as fresh West Asia strikes raise supply concerns
At 9:43 am on Wednesday, Brent oil futures were $99.34, up 1.45%, while WTI crude oil futures were $94.22, up 1.28%
Asian shares were mixed in cautious trading on Wednesday as investors watched for possible interest rate changes and Iran’s conflict escalated, pushing oil prices upward. The Nikkei 225 index in Japan remained flat at 65,249.95, while South Korea’s Kospi climbed 1.2% to 7,041.10. Hong Kong’s Hang Seng fell 0.1% to 25,287.99, and the Shanghai Composite increased 0.2% to 3,949.89.
Australia’s S&P/ASX 200 declined 0.2% to 8,903.20, and India’s Sensex dropped 0.7%. U.S. markets were impacted by a three-day weekend, with the S&P 500 sinking 0.6%, the Dow Jones dropping 1.2%, and the Nasdaq falling 0.3%. Oil prices surged due to heightened tensions in the Middle East, with Brent crude reaching $99.30, up 1.4%.
The increase in oil costs has heightened concerns about inflation, which remains above the Federal Reserve’s 2% target. The 10-year Treasury yield rose to 4.79%, nearing a year-high. The Federal Reserve is set to meet to discuss interest rate decisions, with President Trump advocating for lower rates. Meanwhile, Japan’s central bank is also expected to decide on its benchmark rate.
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- Asian shares are mixed as Brent crude approaches $100 a barrel winnipegfreepress.com
