Oil Prices Slide as US-Iran Tensions Escalate
Oil prices declined on Thursday despite ongoing tensions between the US and Iran. The Brent crude price lost 1% to $87.18 per barrel, while benchmark US crude fell 0.9% to $83.74 per barrel.
The decline comes as the US resumed its attacks against Iranian targets after an attack on a US base in Jordan. Maritime traffic in the Strait of Hormuz remains limited, putting pressure on global oil supplies.
Asian shares were mostly lower, with South Korea's Kospi down 1.3% to 5,587.82. The benchmark has fallen more than 35% from its all-time high of over $9,000 in June, but is still up roughly 30% so far this year.
In the tech sector, chipmaker SK Hynix lost 4% after reporting a record quarterly operating profit that was lower than expected. Meanwhile, Samsung Electronics gained 2.4% after its own record operating profit report.