Oil Near $100 Amid Middle East Conflict; Yen Surges Unexpectedly

Brent crude oil is nearing $100 per barrel due to escalating Middle East conflict and supply disruptions. The price hike has raised fears of a broader regional war.

The yen, however, is defying conventional trends by rising against the dollar, reaching seven-month highs at ¥152.89 per dollar. This unexpected move is driven by expectations of accelerated Bank of Japan rate hikes and massive short-covering.

Asian equity markets are mixed, with AI-related stocks holding firm while others show risk aversion amid oil price and geopolitical uncertainty. The ECB policy decision on Thursday, US inflation releases (PPI and CPI), and the UK's GDP report will be key events to watch this week.