Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
German Inflation Accelerates to 2.9% in August 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Norway Core Inflation Rises to 3% in August 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Asian Stocks Mixed as Korean Chipmakers Rally 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Gold Prices Rise as Yen Rally Weakens Dollar 
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Oil Prices Climb as Middle East Tensions Spark Supply Disruption Fears
Oil prices inched up during early Asian trading hours on Friday, maintaining strong weekly gains as investors evaluated the potential impact of the Middle East conflict on global crude supplies. Despite concerns about possible disruptions, the oil market remains well-supplied.
Brent crude futures rose by 9 cents, or 0.12%, reaching $77.71 a barrel as of 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures also saw a slight increase of 8 cents, or 0.11%, to $73.79 a barrel.
Both oil price benchmarks are on track to record weekly gains of around 8%.
Middle East Conflict's Impact on Oil Prices
President Joe Biden indicated on Thursday that the U.S. is considering strikes on Iran's oil facilities as a response to Tehran's missile attack on Israel. This statement led to a 5% rally in oil prices, driven by fears of possible supply disruptions in the Middle East, which accounts for about a third of the global oil supply.
According to ANZ analyst Daniel Hynes, the market has begun pricing in the likelihood of these potential disruptions. "The move has been exacerbated by bearish investors unwinding their bets on lower prices," Hynes noted. "The trend could continue if investors begin building bullish positions in oil."
OPEC's Role in Balancing Oil Prices
While concerns about supply disruptions have driven up oil prices, they have been somewhat mitigated by the spare production capacity within OPEC and the fact that global crude supplies have not yet been directly affected by the unrest in the Middle East.
The reopening of oilfields and export terminals in Libya has also played a stabilizing role. Libya's eastern-based government and the Tripoli-based National Oil Corporation announced on Thursday that they had resolved a leadership dispute over the central bank, ending a crisis that had significantly reduced oil production.
Both Iran and Libya are OPEC members. In 2023, Iran, under U.S. sanctions, produced around 4.0 million barrels per day (bpd) of fuel, while Libya's oil production stood at approximately 1.3 million bpd last year, based on data from the U.S. Energy Information Administration.
