Yen Rises as Brent Crude Nears $100 a Barrel Amid Escalating Mideast Tensions

Brent crude prices have surged to near $100 a barrel, a level not seen since late July, as fresh conflicts in the Middle East fuel concerns of a broader regional war.

The escalating tensions are keeping risk appetite in check across Asian equity markets, except for stocks tied to the AI trade.

The yen is bucking expectations by rising to seven-month highs against the dollar, despite Japan's heavy reliance on imported energy from the Middle East. Analysts say a once-crowded short position has been cleaned out as investors bet on a faster pace of Bank of Japan rate hikes.