Asian Markets Falter as Oil Prices Soar
Asian stock markets experienced a decline on Monday, September 14, as oil prices surged and investors grew cautious of potential interest rate hikes in the United States and Japan.
The Nikkei futures lost 2% to reach 63,260 points, while S&P 500 and Nasdaq futures fell by 0.5% and 1%, respectively.
Brent crude futures rose 3.1% to $107.84 per barrel, following a nearly 9% increase over the previous week.
Market participants pointed to supply risks and potential disruptions to global energy supplies as concerns intensified over new strikes on Saudi Arabia and vessels in the Persian Gulf.
Analysts noted that shipping through key waterways such as the Strait of Hormuz and Bab el-Mandeb could keep oil prices high for an extended period, fueling global inflation.