Oil Prices Surge Amid Ongoing US-Iran Tensions
Oil prices rose on Thursday after falling earlier in the day as the US and Iran continued to exchange attacks. The Brent crude price increased by 0.6% to $88.60 per barrel, while the benchmark US crude was up 0.3% at $84.70 per barrel.
The recent surge in oil prices has been driven by concerns over supply disruptions following a string of attacks on oil infrastructure in the Middle East. The Strait of Hormuz, a crucial waterway for oil transport, remains limited due to ongoing tensions between the US and Iran.
Asian shares were mostly lower on Thursday, with South Korea's Kospi extending its losses after falling more than 16% over the past two days. Tech giants such as Samsung Electronics and SK Hynix fell 0.7% and 5.6%, respectively, despite reporting record quarterly operating profits.
Chi Lo, senior market strategist of Asia-Pacific at BNP Paribas Asset Management, said that doubts about tech firms' massive investments in AI infrastructure have triggered concerns over sustainable returns. The recent realization of China's AI as a serious competitor to the current AI market leaders has aggravated these concerns.