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 (Oct 5): The FBM KLCI closed 2.75 points or 0.2% lower as KLCI-linked shares including KLCCP Stapled Group and Genting Malaysia Bhd declined.
At 5pm, the KLCI closed at 1,759.09 points. KLCCP Stapled Group, comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust shares fell 17 sen to RM7.84.
Genting Malaysia dropped 11 sen to RM5.39. KLCCP Stapled Group and Genting Malaysia, both of which fell on profit taking, were Bursa Malaysia's second and fifth-largest decliners respectively.
Across Bursa Malaysia, 3.15 billion shares worth RM2.06 billion were traded. There were 451 gainers and 324 decliners.
“Generally, most of the stocks (on Bursa Malaysia) are on upside. What contributed to the lower (close of the) KLCI is KLCCP and Genting Malaysia,” Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com.
Malaysian shares fell despite US equities' overnight rise to record highs cheered global markets and as major Asian stock markets were closed for holidays.
Wong said: “The US has been for the last five to six days breaking records. This somewhat brings positive sentiment to this part of the world."
Across Asia, Japan's Nikkei 225 rose 0.01% as Mainland China, Hong Kong and South Korea markets were closed for holidays.
Hong Kong Exchanges and Clearing Ltd's website showed that Hong Kong markets were closed today following the Chinese Mid-Autumn Festival.
According to the Shanghai Stock Exchange website, Mainland China markets are closed from last Sunday (Oct 1) till this Sunday (Oct 8) for the Mid-Autumn Festival and National Day holidays.
South Korean markets are also closed this week. The Korea Exchange website showed that South Korean markets, which are closed from Monday (Oct 2) to Friday (Oct 6) for Chuseok Day, will remain closed this Monday (Oct 9) for Hangeul Day.
Overnight, Reuters reported that US stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings.
It was reported that it was the third straight session where all three major indexes hit record closing highs. The Dow Jones Industrial Average rose 19.97 points, or 0.09 percent, to end at 22,661.64, the S&P 500 gained 3.16 points, or 0.12 percent, to 2,537.74 and the Nasdaq Composite added 2.91 points, or 0.04 percent, to 6,534.63.
Source: The Edge
Comments
Post a Comment