The Tamesis
Asian markets fell on Thursday after oil prices surged more than 5% and Iran continued its attacks on Gulf energy facilities.
Benchmark Brent crude prices surged above $113 a barrel as Tehran threatened to target facilities in the region after Israel attacked facilities that service its large facilities. south pars stadiumwhich it shares with Qatar.
Iranian missiles struck Ras Laffan in Qatar, the world’s largest liquefied natural gas (LNG) hub, causing widespread damage and raising energy supply concerns as the war rages on. Agence France-Presse said that European natural gas prices rose by more than 30% after the strike.
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Trump threatens, guards warn
US President Donald Trump says Washington has “no clue” about Israeli attack on South Pars but vows
If Tehran stops attacking Qatar, the website reads, “Israel will no longer launch attacks.”
But Trump warned that if Iran did not comply, the United States would “massively blow up the entire South Pars gas field.”
Iran’s attack on Qatar came as a gas facility in Abu Dhabi was shut down after debris fell from a missile interceptor.
Meanwhile, the U.N. nuclear watchdog said Iranian authorities reported a projectile impact at the country’s only operating nuclear power plant but said no damage was caused.
In a statement published by Iranian media, the Revolutionary Guards said: “We warn you once again that you have made a major mistake in attacking the energy infrastructure of the Islamic Republic.”
“If this happens again, further attacks on your and your allies’ energy infrastructure will not stop until it is completely destroyed.”
Israel issues warning after attacks on key installations
Iranian President Masoud Pezeshkian wrote on
Brent crude surged more than 5% to a high of $113.77, its highest level since the first Monday after Israel and the United States first attacked Iran on February 28, when oil prices almost hit $120. On Thursday, West Texas Intermediate crude oil prices were around $97.
Rising tensions have hit stocks, which got off to a generally positive start to the week thanks to a fresh rally in technology companies.
Tokyo fell 3.4% and Seoul fell more than 2%. Hong Kong stocks fell more than 2%, and India’s Sensex fell 2.8%. Markets in Shanghai, Sydney, Singapore, Taipei, Wellington, Manila and Bangkok also posted losses.
Macron: Stop infrastructure strikes
“An immediate moratorium on attacks on civilian infrastructure, especially energy and water infrastructure, is in the common interest,” French President Emmanuel Macron said on X.
Markets have been hammered since the war began, with Tehran attacking the Gulf and effectively closing the Strait of Hormuz, through which a fifth of the world’s oil and gas flows.
The surge in energy costs has stoked fears of another surge in inflation and raised the possibility of rising interest rates.
Data on Wednesday showed U.S. wholesale inflation rose more than expected in February, adding to those concerns.
inflation warning
Federal Reserve Chairman Jerome Powell later said he expected rising energy costs to push prices higher in the short term, but added that it was not yet clear.
“We are at the beginning of a crisis and we don’t know how big – you just don’t know how big this is going to be and how long it will last,” he said after the bank kept interest rates on hold. Officials will have to “wait and see,” he said.
The Bank of Japan kept interest rates unchanged on Thursday and warned that inflation would soar as crude oil prices soared. That’s after Reserve Bank of Australia It raised the key rate on Tuesday, citing “significant increases in fuel prices.”
Markets are focused on decisions from the European Central Bank and Bank of England later in the day.
Key data around 0700 GMT
West Texas Intermediate crude oil: rose 1.0% to $97.31 a barrel.
North Sea Brent crude: up 5.7% to $113.53 a barrel
TOKYO – Nikkei 225: down 3.4% to 53,372.53 (close)
Hong Kong – Hang Seng Index: down 2.0% to 25,505.82
Shanghai – Composite Index: fell 1.4% to 4,006.55 (close).
USD/JPY: fell to 159.64 yen from 159.87 yen.
NEW YORK – Dow: down 1.6% to 46,225.15 (close).
LONDON – FTSE 100: down 0.9% to 10,305.29 (close).
- AFP By Jim Pollard Additional editing
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