Oil Prices Soar as Israel Strikes Iran; Asian Markets Slide
Oil prices surged on Friday after Israeli airstrikes targeted Tehran, escalating tensions over Iran’s advancing nuclear programme.
Brent crude, the global benchmark, climbed $5.03 to $74.39 a barrel, while US benchmark West Texas Intermediate (WTI) rose $5.19 to $73.23.
The heightened geopolitical risk weighed on Asian equities. Japan’s Nikkei 225 fell 1.1% to 37,763.00, South Korea’s Kospi dropped 1% to 2,889.55, Hong Kong’s Hang Seng lost 0.7% to 23,877.19, and the Shanghai Composite slipped 0.6% to 3,381.40. Australia’s S&P/ASX 200 edged down 0.2% to 8,547.40.
Meanwhile, Wall Street ended Thursday with modest gains. The Dow Jones Industrial Average rose 0.2% to 42,967.62, the S&P 500 gained 0.4% to 6,045.26, and the Nasdaq added 0.24% to close at 19,662.48.
In the bond market, demand for safe-haven assets pushed yields lower. The yield on 10-year US Treasury notes fell to 4.368% from 4.407% the previous day.
