Oil Prices Surge to $99.49 as Middle East Tensions Escalate
Global oil prices rose towards $100 per barrel on September 9 as Middle East tensions escalated, keeping Asian stock markets subdued. Brent crude futures surged to $99.49 a barrel, its highest level since late June, while US West Texas Intermediate crude reached $94.63 a barrel.
The yen strengthened against the dollar, nearing a seven-month high, as traders exited short positions in Japanese currency amid expectations of faster Bank of Japan interest rate hikes and potential repatriation of Japanese capital.
Asian stock markets were mixed, with Sydney's benchmark slipping 0.3%, while Hong Kong's Hang Seng dropped 0.6%. However, regional benchmarks like Japan's Nikkei rose 0.6% and South Korea's KOSPI jumped 1.6% due to a rebound in chip and AI stocks.
Chris Weston, head of research at Pepperstone, noted that Brent crude is 'one of the clearest real-time signals for sentiment' and that $100 'now feels like a highly achievable level.'