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View all search resultsOil prices climb as Mideast war flares
The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital.
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A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, Aug. 28, 2026. (Reuters/STR)
B
rent crude rallied towards $100 per barrel on Wednesday, keeping the mood in Asian stock markets subdued, as attacks intensified in the Middle East, stoking inflation worries ahead of the release of closely watched US consumer price data.
The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital.
The euro edged higher ahead of the European Central Bank's policy decision on Thursday, with markets widely expecting a hike amid inflationary pressures from the Iran war.
Iranian-backed Houthis in Yemen launched strikes on several Saudi cities on Tuesday, further embroiling a US ally in the conflict, while US forces hit multiple Iranian oil tankers and Iran struck a US base in Jordan.
Oil prices jumped for a fourth straight session on Wednesday, gaining more than $1 in early trade.
Brent crude futures rose $1.57 to $99.49 a barrel, the highest level since late June. US West Texas Intermediate crude was at $94.63 a barrel, up $1.60.
Iran's Revolutionary Guards said Wednesday they pummelled a US military base in Jordan, vowing retaliation for American strikes on Iranian oil tankers that dragged the foes deeper into war.
Tehran's bombs came after US forces destroyed five Iranian oil tankers on Tuesday in response to Iran targeting an American warship, the second such attack in less than a week.
The United States and Iran are locked in a stalemate six months into the war, with Iran maintaining a stranglehold on the Strait of Hormuz, a vital shipping route for the world's oil and gas, and Washington pushing a campaign to choke Iran's ports and economy.
