TOKYO (AP) — Oil prices are rising due to fears of an ongoing conflict in Iran. Most Asian markets that remained open on Friday saw moderate increases amidst cautious trading. Meanwhile, trading was closed in Europe for the Good Friday holiday.
In the U.S., markets were also closed, but S&P 500 futures lost nearly 0.3%, sitting at 6,604.50. Dow futures dropped by 0.3% to 46,615.00.
As for oil prices, U.S. crude rose 11.4% to $111.54 a barrel, while the international benchmark, Brent crude, climbed 7.8% to $109.03. A report from BMI, a unit of Fitch Solutions, suggests that a longer conflict could threaten infrastructure and disrupt shipping through the Strait of Hormuz, which might lead to higher prices later in the year.
Though the U.S. doesn’t heavily rely on oil from the Persian Gulf, global market prices are still affected. For countries like Japan, access to the Strait of Hormuz is vital for oil imports. Analysts hope for an agreement with Iran to facilitate safe transport through this critical route.
In the Asian markets, Japan’s Nikkei 225 rose 1.3% to close at 53,123.49. South Korea’s Kospi jumped 2.7% to 5,377.30, while the Shanghai Composite dipped 1.0% to 3,880.10. Many markets across the region, including Hong Kong, Singapore, and India, were closed for the holiday.
In political news, U.S. President Donald Trump has stated that the attacks on Iran will continue without a clear end in sight.
In currency trading, the U.S. dollar increased slightly against the Japanese yen, moving to 159.63 from 159.53. The euro also saw a small rise, costing $1.1542, up from $1.1537.
From social media, many users are expressing concerns about the rising oil prices, sharing memes and articles. The hashtag #OilCrisis has trended as people react to the situation, highlighting worries about how it might affect everyday life.
As global situations evolve, it’s important for consumers and businesses alike to stay informed about these developments and their potential impact.
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Energy markets, Oil and gas industry, Iran war, Financial markets, Strait of Hormuz, Japan, General news, Asia Pacific, World news, Business, Yuri Kageyama, Japan government, Christianity, Donald Trump, 2024-2026 Mideast wars, Iran, World News
