Oil Rises, Asian Stocks Fall After US Strikes on Iran
Oil Rises, Asian Stocks Fall After New US Military Strikes on Iran
Oil prices rose and Asian equities fell early Thursday after US forces conducted new military strikes against Iran, casting doubts on hopes of a US-Iran peace deal.
Oil Prices Surge
US officials said American forces shot down Iranian drones and hit a drone-control station near Bandar Abbas after Tehran launched drones at commercial ships in the Strait of Hormuz. Front-month West Texas Intermediate crude oil futures gained 1.7% to $90.17 a barrel, while front-month Brent crude oil futures advanced 1.8% to $95.99 a barrel.
Asian Markets Decline
Asian equities fell Thursday morning after a recent rally driven by strong earnings and AI developments. Japan's Nikkei Stock Average edged 0.2% lower, South Korea's Kospi declined 1.0%, Hong Kong's Hang Seng Index fell 1.2%, and the Shanghai Composite Index was down 0.3%.
Precious Metals and Currencies
Spot gold was 0.8% lower at $4,419.35 a troy ounce, and spot silver decreased 1.8% to $73.33 a troy ounce. Analysts noted that the mix of geopolitical uncertainty, inflation pressure, and rate expectations triggered heavy profit-taking. Asian currencies mostly weakened against the US dollar, with the yen falling to its lowest level in nearly a month.
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