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 23): The FBM KLCI closed 2.27 points or 0.1% lower, tracking China's share drop on concerns about China's bond selloff. Malaysian crude palm oil (CPO) selling pressure also affected market sentiment.
At 5pm, the KLCI closed at 1,721.27 points on losses in KLCI-linked plantation counters Sime Darby Bhd, IOI Corp Bhd and Kuala Lumpur Kepong Bhd (KLK).
In China, the Shanghai Stock Exchange Composite fell 2.29% while Japan markets were closed for the Labour Thanksgiving Day holiday. US markets are also closed today for the Thanksgiving Day holiday.
In Malaysia, Malacca Securities Sdn Bhd research analyst Kenneth Leong told theedgemarkets.com: “Selling pressure in CPO is one of the sources of market weakness today. The other reason was China's bond selloff. It had affected local market sentiment as well."
Reuters reported that Chinese shares tumbled on Thursday with the blue-chip index suffering its worst fall in nearly 1½ years as worries about a selloff in the bond market bled into equities.
It was also reported that Malaysian CPO futures fell in early trade on Thursday as the edible oil was weighed down by a stronger ringgit and prospects of rising production. The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 0.7 percent at RM2,626 a tonne at the midday break, its sharpest decline since Monday.
Across Bursa Malaysia today,, 2.09 billion shares worth RM1.87 billion were traded. There were 381 gainers versus 438 decliners.
KLK was the second-largest decliner after the stock fell 24 sen to RM24.26.
In currency markets, the ringgit appreciated against the US dollar to 4.0965, the strongest level over the last one year. The exchange rate today was between 4.0965 and 4.1215.
Source: The Edge
Comments
Post a Comment