BANGKOK (AP) – Brent crude traded near $105 a barrel Monday as Gulf countries reported more attacks. by iran The war was in its third week and stock prices were mixed.
International standard Brent crude oil rose 1.6% to $104.73 per barrel, falling slightly after opening above $106 per barrel. It has risen more than 40% since the war began.
Benchmark U.S. crude oil rose 1% to $99.68 per barrel. It has risen nearly 50% since the war began.
In stock trading, Tokyo’s Nikkei Stock Average fell 0.4% to $53,609.49, while South Korea’s Kospi rose 0.6% to $5,521.17.
Hong Kong’s Hang Seng Index rose 1.1% to 25,755.53, while the Shanghai Composite Index fell 0.7% to 4,066.40.
In Australia, the S&P/ASX 200 fell 0.4% to 8,583.50.
Taiwan’s ThaiEx rose 0.1% and India’s Sensex fell 0.1%.
U.S. futures rose, with the S&P 500 up 0.5% and the Dow Jones Industrial Average up 0.4%.
Wall Street’s losses deepened Friday as the war pushed prices back above $100 a barrel and ratcheted up inflationary pressures on the global economy.
The S&P 500 fell 0.6% to 6,632.19. The benchmark index is down 3.1% since the beginning of the year.
The Dow Jones Industrial Average fell 0.3% to $46,558.47. The Nasdaq Composite Index fell 0.9% to 22,105.36. These indexes also ended the week with declines for the third consecutive week.
Iran retaliated to attacks by Israel and the United States, effectively halting cargo traffic through the narrow Iranian border. Strait of HormuzTypically, one-fifth of the world’s oil travels there. As a result, oil producers are forced to cut production because there is nowhere for the crude oil to go.
More than 12 million barrels of oil per day have been taken offline in just over a week since the closure of the Strait of Hormuz, according to independent research firm Rystad Energy.
However, a small number of tankers have reportedly passed through the strait, raising uncertainty.
“The truth is that much of the market is operating in a fog at the moment,” Stephen Innes of SPI Asset Management said in a comment. “By the way, there are usually about 25 oil and LNG tankers going back and forth through this strait every day.”
If the war continues to disrupt oil production and transportation from the Persian Gulf, it could cause damage. Soaring inflation.
The members of the International Energy Agency are: Record 400 million barrels of oil will become available Funding from emergency reserves appears to have done little to reassure markets.
Rising inflation expectations are complicating the Federal Reserve’s efforts to lower interest rates to support the economy. The US central bank is not expected to cut interest rates at its policy meeting this week.
A new snapshot of consumer spending on Friday shows that inflation rose gradually in January, even before the Iran war caused oil and gas prices to soar.
The Department of Commerce reported Friday that consumers: Prices rose 2.8% in January Comparison with one year ago. However, core prices, which exclude volatile food and energy prices, rose 3.1%, the largest increase in about two years.
Still, the report found that consumers still increased their spending at a solid 0.4% pace in January, and their incomes grew at the same pace.
The latest measure of consumer sentiment released by the University of Michigan on Friday showed consumer sentiment fell slightly to its lowest point this year as gas prices rose the most since the start of the Iran war.
Wall Street also received an update on US economic growth for the October-December quarter. A 43-day government shutdown last fall hobbled the economy. Slow growth at 0.7% per yearThis has been lowered from the initial forecast last month.
In other trading early Monday, the U.S. dollar fell to 159.47 yen from 159.55 yen. The euro rose to $1.1442 from $1.1425.
