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 (Dec 10): The FBM KLCI ended the trading day on a higher note today, posting a gain of 0.09% as bargain hunting and positive news flow on scheduled US tariffs on Chinese goods swayed investors.
Upon the ring of the closing bell, the local benchmark index closed 1.4 points higher at 1,563.19 points.
According to Rakuten Trade Research vice-president Vincent Lau, some bargain hunting emerged amid hopes that the scheduled tariff hike might be postponed.
"On top of that, regionally there are more green movements than red, and this could be a reaction to (news) reports suggesting that scheduled US tariffs on Chinese goods would be delayed," said Lau. Constituent stocks that saw gains today were Petronas Dagangan Bhd, IHH Healthcare Bhd and Press Metal Aluminium Holdings Bhd. Meanwhile, the laggards of the local benchmark index were Sime Darby Bhd, Tenaga Nasional Bhd and Genting Malaysia Bhd.
Overall, some 2.37 billion shares worth RM1.71 billion were traded across Bursa Malaysia, with 405 counters posting gains, 357 counters posting declines and 420 counters remaining unchanged at the end of the trading day.
Reuters reported that most Southeast Asian markets today were subdued, ahead of the looming tariff deadline for Chinese imports entering the US.
This is despite reports indicating that both Chinese and US trade negotiators are laying the groundwork to delay the fresh US tariffs, which left untouched would come into force on Dec 15 (this Sunday).
Officials from both sides have indicated that this Sunday is not the final date to reach "phase-one" of the deal, as stated in a Wall Street Journal report. However, US President Donald Trump is set to increase tariffs on US$165 billion of Chinese goods come Sunday.
Investors are now suspecting that if Sunday's tariffs are delayed, it could take up to next year before a preliminary deal between the two economic powers is ironed out.
Moreover, markets are awaiting comments from the Federal Reserve's policy meeting, which ends today.
The Shanghai Composite Index gained 0.24% or 7.1 points to 2,924.42 points, while the Hang Seng Index rose 0.79% or 208.81 points to 26,645.43 points.
The Kospi ended the day 0.36% or 7.62 points higher at 2,105.62 points while the Nikkei 225 closed 0.08% or 18.33 points lower at 23,391.86 points.
Source: The Edge
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