Oil rises as Trump comments roil energy markets
<p>London: The Brent oil price reached nearly $107 a barrel Monday after Houthis launched strikes on Saudi Arabia, heightening worries about tight global supplies heading into the northern hemisphere winter.</p> <p>Doubts surrounding US President Donald Trump's claim of an "energy ceasefire" between Ukraine and Russia, following his surprise announcement of a deal to buy diesel from Moscow,…
The price of Brent oil surged to near $107 a barrel on Monday following Houthi strikes on Saudi Arabia, raising concerns about potential global supply shortages heading into the northern hemisphere winter. US President Donald Trump's announcement of a proposed deal to purchase Russian diesel further unsettled investors, casting doubt on his recent claim of an "energy ceasefire" between Ukraine and Russia.
Despite a mixed performance for stocks in Asia, Europe's major indices climbed, buoyed by a deal aimed at preventing a trade war by restricting Chinese imports of hybrid vehicles. Wall Street's main indices were uneven, with the tech-focused Nasdaq Composite declining after reaching record highs the previous week. The US dollar strengthened against other currencies as traders awaited upcoming inflation data, which could influence the Federal Reserve's decision on interest rate hikes to combat high inflation.
Analysts warned that persistent inflation, rising yields, and high fuel prices could challenge corporate earnings, especially for banks and credit card companies. US tech firms were expected to report earnings growth of 24.4 percent, while revenue growth was forecasted at 16.5 percent for the current quarter.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
