Brent Crude Oil Surges Above $100 per Barrel Amid Escalating US-Iran Conflict
The US-Iran conflict escalated this week, leading to a spike in Brent crude oil prices. The price of Brent crude briefly touched $101.94 per barrel on Thursday after Iranian officials claimed to have sunk 10 ships near the Strait of Hormuz. However, oil prices later retreated, dropping 0.7% for the day but remaining above $100 per barrel.
The MSCI Asia Pacific Index fell by 0.6%, and the Korea Seoul Composite Index closed down 0.2% at 7034.11 points. Bitcoin dropped to $78,299, with a daily decline of 0.8%. US Treasury yields remain high, while the dollar fluctuates downward.
Elias Haddad of Brown Brothers Harriman & Co. stated that if the upcoming US CPI data release on Friday shows persistently high oil prices and elevated bond yields, it could complicate the inflation outlook and determine whether the Federal Reserve will hike rates at its September 15-16 policy meeting.