Commodities
Brent Crude Surpasses $99/Barrel Amid Escalating Middle East Tensions
Tensions in the Middle East escalated this week as Iran announced new restrictions in the Persian Gulf and the Gulf of Oman, while Yemen's Houthi rebels attacked Saudi energy facilities. The attacks led to a surge in international oil prices, with Brent crude briefly surpassing $99/barrel.
The price increase reignited inflation concerns and suppressed market risk appetite. Despite this, some sectors, such as oil and gas stocks, rose collectively in premarket trading, with Equinor (EQNR) and BP (BP) gaining over 3%.
Other notable movers included Novartis (NVS), which plunged 13% premarket after announcing that its Phase 3 HARBOR study evaluating del-desiran for the treatment of myotonic dystrophy type 1 failed to meet its primary endpoint.