Oil prices climb as Mideast war flares
The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital.
Oil prices rose in early Asia trade on Wednesday, with Brent crude at US$99.38 per barrel and West Texas Intermediate at US$94.51 per barrel. The price increase is attributed to the ongoing war in the Middle East, which threatens to disrupt supply from the crude-rich region.
According to Iran, it struck a US military base in Jordan and plans to target oil tankers off Kuwait and Bahrain in retaliation for US strikes on its vessels.
The situation in the Middle East continues to impact oil prices, with prices nearing US$100 a barrel.
Brief written by urgent.news from New Straits Times, Free Malaysia Today — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Oil prices climb as Mideast war flares nst.com.my
