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Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
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South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
U.S. stock index futures dropped Wednesday evening as surging oil prices rattled investor confidence, driven by fresh attacks on oil tankers near the Strait of Hormuz and mounting fears over global energy supply disruptions.
S&P 500 futures fell 0.9% to 6,721.75, Nasdaq 100 futures declined 0.9% to 24,760.75, and Dow Jones futures dropped 1% to 46,964.0 points by 8:34 PM ET. These declines followed a mixed regular session where the Dow fell 0.6%, the S&P 500 edged down 0.1%, and the Nasdaq eked out a marginal gain.
Crude oil prices jumped more than 7% during Asian trading Thursday after reports confirmed attacks on two international oil tankers in the northern Persian Gulf near Iraq and Kuwait. The incidents intensified concerns about supply disruptions along one of the world's most critical energy corridors. Even after the International Energy Agency announced the release of 400 million barrels from emergency reserves, and President Donald Trump pledged to tap approximately 172 million barrels from the U.S. Strategic Petroleum Reserve, prices continued climbing. Iranian officials warned markets to brace for crude potentially reaching $200 per barrel if conflicts escalate further.
On the inflation front, the Consumer Price Index rose 0.3% month-over-month in February, with annual inflation steady at approximately 2.4%, meeting analyst forecasts. While this signaled relative price stability, traders remained on edge over the prospect of elevated energy costs filtering into future inflation data.
Attention now shifts to Thursday's weekly jobless claims report and Friday's Personal Consumption Expenditures index, the Federal Reserve's preferred inflation measure. Together, these economic indicators could significantly influence expectations around interest rate policy and broader market direction heading into the weekend.
