Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Asian Stocks Mixed as Korean Chipmakers Rally 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
ECB Rate Hike in Focus as Oil Tops $100 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Norway Core Inflation Rises to 3% in August 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
Gold Prices Rise as Yen Rally Weakens Dollar 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
German Inflation Accelerates to 2.9% in August 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
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Oil prices surged Wednesday as tensions flared in the Middle East, raising concerns over potential disruptions to global oil supplies. Brent crude futures rose 83 cents, or 1.13%, to $74.39 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 88 cents, or 1.26%, to $70.71 by 0029 GMT, easing slightly from earlier spikes exceeding $1. The increases followed a more than 5% jump in both benchmarks on Tuesday.
Iran-Israel Conflict Fuels Fears of Oil Supply Disruption
The rise in prices followed Iran’s launch of over 180 ballistic missiles at Israel on Tuesday, according to Israeli reports. The attacks were seen as retaliation for Israel's recent campaign against Hezbollah forces in Lebanon, sparking fears of a broader regional conflict. Iran, a major OPEC member and oil producer, could see its oil output impacted, potentially affecting global supplies.
“The direct involvement of Iran, an OPEC member, raises the prospect of disruptions to oil supplies,” ANZ Research said in a note. The firm added that Iran’s oil production had risen to a six-year high of 3.7 million barrels per day in August.
Regional Tensions Draw International Focus
Israel’s Prime Minister Benjamin Netanyahu vowed Iran would face consequences for the missile attacks, while Tehran warned any retaliation would lead to “vast destruction.” U.S. President Joe Biden expressed full support for Israel, and the U.N. Security Council scheduled a meeting to address the conflict.
“A major escalation by Iran risks bringing the U.S. into the war,” analysts at Capital Economics noted. With Iran contributing around 4% of global oil output, any supply disruption could be mitigated by increased production from other key producers like Saudi Arabia.
OPEC+ Meeting and U.S. Stockpile Data in Focus
OPEC+ ministers are set to meet later Wednesday to review the market, with no policy changes expected. The coalition, which includes Russia, plans to increase output by 180,000 barrels per day from December.
In the U.S., oil stockpile data revealed a mixed outlook: crude oil and distillate inventories fell last week, while gasoline inventories saw a rise, according to figures from the American Petroleum Institute.
