Japan’s Nikkei plummets 3% as oil prices surge
Markets anxious that Middle East tensions and surging oil prices could fuel inflationary pressures.
Japan’s Nikkei index fell more than 3% on September 11 as markets grew concerned that increased Middle East tensions and rising oil prices might lead to inflationary pressures. At approximately 9:15am local time, the Nikkei 225 index was trading at 63,291 points, a drop of 3.03%. The international benchmark Brent crude oil remained at US$108.15, having surged 6.34% the previous day.
West Texas Intermediate oil prices crossed the US$100 per barrel mark on September 10, following the Houthis' takeover of the Red Sea port city of Mocha. All major U.S. stock indices closed the trading session in the red, with the S&P 500 declining 0.6%, marking a fourth consecutive day of losses. Kathleen Brooks, research director at XTB, noted that despite President Trump's claim that the war would conclude after the November midterm elections, "there is no way the market can believe this claim as the situation remains perilous."
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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