US EditionAsian Equities Plunge as Oil Soars 30% on Middle East Crisis
Oil prices surged about 30% after Middle East attacks disrupted supply, causing Asian equities to fall sharply and raising fears of inflation and tighter central bank policies.
- This week, Asian equity markets plunged as WTI and Brent both jumped around 30 percent to just under $120, with Seoul closing six percent down, Tokyo over five, and Taipei more than four percent.
- Iran carried out retaliatory strikes on Gulf crude producers, Qatar halted liquefaction at key gas facilities, and Gulf producers began scaling back output as storage filled and exports seized.
- Yields on 10-year Treasury notes rose six basis points to 4.204 percent, while futures declined; Vishnu Varathan said, `Asia takes the brunt of the sharp escalation in oil prices and there are few places to run and hide`.
- Markets wager the ECB's next move could be up, with gold at US$5,075 and the Australian dollar at US$0.6964, amid energy-driven inflation risk.
- G7 finance ministers will discuss tapping emergency reserves, while President Donald Trump on Sunday called the spike a `very small price to pay` amid Middle East conflict and Strait of Hormuz disruptions.
33 Articles
33 Articles
The tenth day of war in the Middle East dawned between clouds of smoke of new and more intense attacks from both sides in conflict and with clouds in the parks. The price of oil rose up to 30% during the Asian day on Monday, breaking the 110 dollar barrier and reaching levels of 2022, when the Ukrainian war began, which caused a sharp fall in the markets.The cost of gas is also leading a major rebound in the fear of supply problems as a result o…
Daily Journal
Equities plunge as energy prices soar on Mideast crisis
Stock markets plunged Monday as oil and gas prices soared on fears about supplies from the Middle East with the US-Israeli war against Iran continuing into a second week with no sign of letting up.
As the possibility of a protracted war between the US, Israel, and Iran escalated, international oil prices surpassed $119 per barrel. This led to a sharp decline in stock markets in major Asian countries, including South Korea and Japan, that are highly dependent on foreign crude oil. In the foreign exchange market, the dollar rose against the US dollar, and interest rates rose, significantly shaking the financial markets of major Asian countri…
Fears of witnessing a real oil shock increasingly haunts minds. ...
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