Oil Prices Edge Higher as Investors Watch for U.S. Response to Middle East Conflict
Crude oil prices rose on Friday as investors weighed the risk of the U.S. joining the Israel-Iran conflict, a move that could disrupt global oil supplies. Meanwhile, Asian markets traded mixed, with geopolitical uncertainty and inflation data shaping sentiment.
With Wall Street closed on Thursday for the Juneteenth holiday, U.S. benchmark crude added 15 cents to trade at $73.65 per barrel, while Brent crude, the international benchmark, climbed 19 cents to $76.89.
The gains follow reports that President Donald Trump may decide within two weeks whether to launch a military strike on Israel, raising concerns over regional stability and global energy flows.
In Asia:
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Japan’s Nikkei 225 edged up 0.1% to 38,538.14, as core inflation rose to 3.7% in May, posing a challenge for Prime Minister Shigeru Ishiba and the Bank of Japan.
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Hong Kong’s Hang Seng jumped 1.2% to 23,504.59, led by tech gains.
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China’s Shanghai Composite reversed early losses to close 0.1% higher at 3,364.83, after the People’s Bank of China held its one-year and five-year loan prime rates steady, as expected.
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South Korea’s Kospi climbed 1.2% to 3,014.05.
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Australia’s S&P/ASX 200 dipped 0.3% to 8,500.40.
Investors continue to monitor developments in the Middle East and await signals from global central banks as inflation and geopolitical tensions fuel market volatility.
