Commodities
Nikkei Dives as Oil Prices Soar Amid Escalating Middle East Tensions
The Nikkei share average in Japan is headed for its worst week in over a month due to rising oil prices and inflation fears stemming from the Middle East conflict.
The index slipped 0.3% on Friday, setting up a 4% weekly loss, which would be the biggest since the week ended July 17.
Uncertainty surrounding the conflict has caused crude oil to jump about $2 overnight, leading to higher inflation concerns and pushing Japanese bond yields up.
The US Treasury Secretary announced plans to impose 'the toughest sanctions in history' on Iran, further exacerbating tensions and economic threats.