Oil Nears $100 Per Barrel Amid Strong Demand and Shipping Concerns
Asian equities are gaining momentum, led by the semiconductor sector. The MSCI Asia Pacific Index has risen 0.3%, with South Korea's Kospi up nearly 2.54%. SK Hynix and Samsung Electronics are among the strongest performers. Nasdaq 100 futures have also increased around 0.2%.
The price of Brent crude futures is trading above $98 per barrel, gaining almost 1%. The market is awaiting details on an agreement between Iran and Oman concerning shipping through the Strait of Hormuz, while strong crude purchases by China are supporting prices.
The US dollar remains under pressure, with the dollar index down around 0.1% and the 10-year Treasury yield falling by 1 basis point to 4.77%. The weaker dollar is supporting gold, which has risen 0.5% to $4,440 per ounce, while silver is gaining 0.8%.
Bitcoin is experiencing a second consecutive decline, retreating from around $80,000 and testing the $78,500 level.