Iran has warned global markets to prepare for oil at US$200 per barrel , escalating rhetoric as attacks intensify and shipping through the Strait of Hormuz remains effectively frozen. While oil prices have retreated from recent highs near US$120, Tehran’s message underscores the growing risk of a prolonged energy shock. Key Takeaways Iran warns oil could surge to US$200 per barrel Strait of Hormuz remains blocked, disrupting 20% of global oil flows 14 merchant ships reportedly struck since conflict began IEA expected to propose record 400 million-barrel reserve release Markets currently betting conflict may be contained Oil Market on Edge Iran’s military command said oil prices depend on regional security — warning the world to prepare for US$200 crude if instability persists. The Strait of Hormuz, a narrow chokepoint along Iran’s coast, normally handles: About 20% of global oil shipments A significant share of global LNG trade So far: At least 14 ships have reportedly been struck...
KUALA LUMPUR (July 6): The FBM KLCI gained 2.37 points or 0.1%, mainly on index-linked IOI Corp Bhd's 11th-hour share price spike.
At 5pm, the KLCI closed at its intraday high at 1,770.53 points, after falling to its intraday low at 1,765.75 points. IOI Corp shares rose 15 sen to close at RM4.61 to become Bursa Malaysia's seventh-largest gainer.
Earlier, the KLCI had fallen as investors sold stocks, including AMMB Holdings Bhd. At 5pm, AMMB shares fell 12 sen to RM4.99 to become Bursa Malaysia's fifth-largest decliner.
AMMB shares fell on profit taking and after Malaysia's Retirement Fund (Inc) chief executive officer Datuk Wan Kamaruzaman Wan Ahmad said the fund was keen on purchasing Australia and New Zealand Banking Group Ltd’s stake in the proposed RHB Bank Bhd-AMMB Holdings Bhd merged entity.
Across Bursa Malaysia, 1.55 billion shares worth RM1.75 billion were traded. Decliners beat gainers at 485 against 329 respectively.
Public Investment Bank Bhd research head Ching Weng Jin noted the subdued activity in the local market, as market participants kept an eye on external developments.
“The market has been a bit quieter, it’s taking a breather. There is nothing much happening domestically, so people are just waiting on the external developments overseas,” Ching said.
Asian share markets fell. Japan’s Nikkei 225 fell 0.44%, while Hong Kong’s Hang Seng dropped 0.22%.
Reuters reported most Asian stock markets fell on Thursday, after minutes from the Federal Reserve's last meeting showed a lack of consensus on the future pace of US interest rate increases, while oil prices inched higher, following a steep decline a day earlier.
Source: The Edge
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