Oil Prices Soar Amid Middle East Tensions
Global markets are experiencing mixed results as Brent crude prices hit their highest level since May. The price of oil has increased due to attacks on two Saudi oil tankers in the Red Sea, threatening another major shipping route for oil. This has raised concerns about inflation and potential interest rate hikes by central banks.
The US dollar has reached a 40-year high against the Japanese yen, with one dollar buying 163.79 yen early Friday. The euro rose to $1.1382 from $1.1377.
Asian markets have been particularly affected, with South Korea's Kospi falling 5.7% and Samsung Electronics dropping 7.6%. SoftBank Group, which has significant investments in artificial intelligence, tumbled 7.1% after the company announced plans to increase spending on AI.
Tesla's stock plummeted 14.5% after the electric vehicle company reported weaker-than-expected profits. Alphabet's stock fell 7.1%, despite delivering stronger profit and revenue than analysts expected.