Asian Shares Fall as Brent Crude Tops $108 on U.S.-Iran Tensions
Updated
Updated · abcnews.com · Sep 11
Asian Shares Fall as Brent Crude Tops $108 on U.S.-Iran Tensions
3 articles · Updated · abcnews.com · Sep 11
Summary
Brent crude rose 0.9% to $108.59 a barrel Friday—its highest since May—while Asian equities broadly fell, with Japan’s Nikkei 225 down 2.8% and South Korea’s Kospi off 2.3%.
Oil stayed elevated as U.S.-Iran tensions intensified and flows through the Strait of Hormuz remained well below pre-war levels, highlighting risks to a key global supply route.
That pressure followed another weak Wall Street session: the S&P 500 fell 0.6% Thursday for a fourth straight loss, with the Dow down 0.6% and the Nasdaq off 0.7%.
Inflation concerns added to the risk-off mood after U.S. producer prices accelerated to 5.4% in August from 4.8% in July, while the 10-year Treasury yield climbed to 4.96% early Friday.
Investors are now awaiting August U.S. consumer price data later Friday and the Federal Reserve meeting next week for clues on how policymakers will respond to energy-driven price pressures.