Oil prices surged and major stock markets mostly retreated Thursday as investors reacted to fears of widening conflict in the Middle East.
Prices jumped after US President Joe Biden said he was “discussing” possible Israeli strikes on Iranian oil sites in retaliation for Tehran’s missile barrage on Israel.
In Asia, Tokyo closed two per cent higher as the yen eased, providing oxygen to the country’s exporters.
“Markets are in a state of suspense, bracing for Israel’s anticipated retaliation against Iran—a move that could catapult oil prices skyward,” said independent markets analyst Stephen Innes.
The Saudi-led OPEC+ oil cartel, meanwhile, is due to raise production in December, further easing concerns about supply...
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