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 (Nov 3): The FBM KLCI erased gains at the 11th hour to close 0.12 point lower at 1,740.93 points on late selling of index-linked Petronas Dagangan Bhd shares.
At 5pm, Petronas Dagangan fell 46 sen to close at RM23.44 to become Bursa Malaysia's largest decliner. Earlier, the KLCI had risen to its intraday high at 1,744.79 points.
At 5pm, Bursa Malaysia decliners led gainers at 440 against 327 respectively. A total of 2.8 billion shares worth RM1.98 billion changed hands.
Analysts said Malaysian shares fell amid muted market reaction towards US policy news.
Reuters reported that the dollar held steady versus a basket of currencies on Friday, as investors shifted their focus to US jobs data, with President Donald Trump's nomination of Federal Reserve Governor Jerome Powell to be the next Fed chair coming as no surprise.
It was reported that in Washington, House Republicans finally unveiled long-delayed plans for deep tax cuts that Trump has promised, setting off a frantic race in Congress to give him his first major legislative victory.
AmInvestment Bank Bhd analyst Lim Sae Wai told theedgemarkets.com: “The appointment of Jerome Powell has been indicated earlier, and the tax reform bill by the Republicans seems to be less significant than earlier hyped.
“While foreign outflow (from Malaysian markets) has stabilised, there is no signal of reversal yet in the KLCI’s downward trend. Quarterly results will determine the market direction in the near term.”
Source: The Edge
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