{
  "id": 1400124,
  "title": "Asian shares mark time as Gulf war keeps oil prices up",
  "url": "https://urgent.news/2026/08/17/asian-shares-mark-time-as-gulf-war-keeps-oil-prices-up",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T02:18:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/asian-shares-mark-time-as-gulf-war-keeps-oil-prices-up"
  },
  "original_language": "en",
  "account": "Asian markets remained stagnant on August 17th as investors closely monitored oil prices, which surged significantly last week due to ongoing conflict in the Middle East. The absence of progress towards resolving the Iran situation kept inflation concerns in the background. Iran urged the US to concede defeat, while President Donald Trump encouraged Americans to accept higher petrol prices amidst the ongoing crisis. At least 11 individuals were killed in Israeli attacks in southern Lebanon on August 15th, which was one of the deadliest incidents since the country agreed to a US-mediated peace framework with neighboring Israel. Brent crude oil remained stable at $88.50 per barrel after an increase of 6% last week, whereas US crude oil experienced a minor decline of 0.3% to $82.12 per barrel, having gained 5.4% during the same period. Shane Oliver, chief economist at AMP, stated that despite the lack of resolution to the Iran/Hormuz impasse, the base case remains that oil prices will remain between $70 and $100, with Iran impeding lower prices and the US attempting to stabilize them when they surpass $100. The risk persists that a sustainable peace deal remains elusive, with oil exports from the Middle East down by 10% to 15% compared to normal levels and higher oil prices as reserves dwindle. MSCI's Asia-Pacific index outside Japan was flat, while Japan's Nikkei edged up by 0.4%. Australian resources-focused shares declined by 0.3%. Japanese markets are closed on August 17th for a public holiday. President Trump directed the Pentagon to significantly reduce military exercises with Japan. China's economic activity data for July is awaited on August 17th, following a surge in exports due to strong global demand for artificial intelligence to bolster the second-largest economy. Forecasts anticipate a slowdown in industrial output growth to 4.8% from 5.3% previously, while retail sales likely rose by 1.5%. EUROSTOXX 50 futures rose by 0.2%, S&P 500 futures gained 0.1% (having reached a record the previous week), and Nasdaq futures increased by 0.2%. The bullish stock market trend was fueled by the diminishing likelihood of the US Federal Reserve raising interest rates in September, now considered a 69% probability event after a series of subdued data. US retail sales dropped for the first time in nine months in July, and consumer sentiment worsened more than expected, diminishing the Federal Reserve's incentive to hike interest rates immediately. The primary data point this week is the August S&P Purchasing Managers' Indexes (PMIs) to determine if the mid-year growth in US business activity will persist. Earnings announcements are sparse this week, focusing on Home Depot, Target, and Walmart as investors assess the resilience of US consumers. In bond markets, US Treasury yields declined on August 17th after a mixed week, with the two-year US Treasury yield falling by two basis points to 4.156%, from a seven-week low of 4.0977%. The 10-year yield decreased by one basis point to 4.684%, following a rise of four basis points last week. The subdued data has exerted downward pressure on the US dollar, with the euro increasing by 0.1% to $1.1578, just below a two-month peak of $1.1585. The dollar slipped by 0.1% against the yen to 159.15. In commodities, gold remained at $4,381 per ounce, having risen by 0.8% the previous week.",
  "summary": "All eyes are on the release of China’s activity data for July on Aug 17.",
  "key_points": [
    "Gulf war causes oil prices to surge",
    "At least 11 killed in Israeli attacks in southern Lebanon",
    "US Federal Reserve likely to keep interest rates unchanged"
  ],
  "editors_take": "Stagnant Asian markets reflect investor caution as ongoing Middle East tensions sustain high oil prices, fuelling inflation concerns and potentially influencing US Federal Reserve interest rate decisions.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "New Straits Times",
        "title": "Asian shares mark time as Gulf war keeps oil prices up",
        "url": "https://urgent.news/2026/08/17/asian-shares-mark-time-as-gulf-war-keeps-oil-prices-up-1403190",
        "published": "2026-08-17T02:04:16.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}