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 (Sept 25): The FBM KLCI closed 5.7 points or 0.32% lower today after China and the US' move to slap new tariffs on each other's goods yesterday continued to hit world market sentiment.
At 5pm today, the KLCI closed at its intraday low at 1,794.47 points. The KLCI extended losses today after the index fell 10.47 points yesterday.
Across the globe today, Reuters reported that Asia stocks struggled on Tuesday as a fresh round of US-China tariffs and a surge in oil prices to near four-year highs added to worries about risks to global growth. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.15 percent.
It was reported that the US' Dow Jones Industrial Average fell about 0.7 percent and the S&P 500 slipped 0.35 percent overnight.
In Malaysia today, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the weakness in the KLCI was also in tandem with general negative sentiment across Asian and US stock markets.
“Another factor that contributed to the negative sentiment is the renewed weakness in the ringgit against the US Dollar,” Leong said. At the time of writing, the ringgit depreciated to 4.1372 against the US dollar.
Across the KLCI, Axiata Group Bhd was the bigest decliner, in percentage terms, among the 30 index-linked stocks followed by Telekom Malaysia Bhd (TM).
At 5pm, Axiata shares slipped 21 sen or 4.4% to close at RM4.56. TM fell five sen or
1.53% to RM3.21.
Source: The Edge
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