Oil prices rose in early Asia trade on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine.
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Asia-Pacific markets were set to open lower Thursday, tracking Wall Street losses, as tensions between Iran and the U.S. keep oil prices elevated, stoking energy and inflation worries.
The Kuwait International Airport was struck by Iran early Wednesday, just a day after the U.S. Central Command said it had defeated multiple Iranian ballistic missiles and drones, as well as launched “self-defense strikes” on Qeshm Island in the Persian Gulf. This was in response to “attempted attacks” by Tehran, it said.
If necessary, Israel and the U.S. are prepared to strike Iran again, Israeli Prime Minister Benjamin Netanyahu told CNBC in an exclusive interview.
“Israel is ready and the U.S. forces are ready. I think Iran should take that into account. I think they are taking into account, but they’re playing with fire,” Netanyahu said.
West Texas Intermediate futures gained more than 2% to close at $96.02 on Wednesday, while international benchmark Brent crude advanced nearly 2% to settle at $97.81 per barrel.
Japan’s Nikkei 225 was poised to decline after hitting a record high on Wednesday, with the Chicago futures contract at 67,555 and its Osaka counterpart last trading at 68,130, compared with the index’s previous close of 68,402.13.
Hong Kong Hang Seng index futures were at 25,312, lower than the index’s last close of 25,633.21.
In Australia, futures last traded at 8,734, while the S&P/ASX 200′s closed at 8,785.70.
