Oil prices stay above $108 and Asian shares decline, tracking Wall Street losses
Summary
Oil prices stayed above $108 per barrel, reaching their highest level since May. Asian stock markets fell, following losses on Wall Street, as investors watched tensions between the U.S. and Iran and awaited new U.S. inflation data.Key Facts
- Brent crude oil price rose to $108.59 per barrel, up 0.9%, the highest since May.
- U.S. crude oil price increased to $103.22 per barrel, up 0.7%.
- Asian stock markets dropped: Japan’s Nikkei fell 2.8%, South Korea’s Kospi down 2.3%, Hong Kong’s Hang Seng fell 0.8%, Shanghai Composite declined 1.8%.
- Shares of Chinese AI chip company Enflame surged about 180% in its first day of trading in Shanghai.
- Wall Street’s major indexes fell: S&P 500 dropped 0.6%, Dow Jones lost 0.6%, Nasdaq fell 0.7%.
- Oil shipment through the Strait of Hormuz remains below pre-war levels due to geopolitical tensions.
- U.S. producer price index for August rose 5.4% compared to last year, up from 4.8% in July, indicating rising inflation.
- The 10-year U.S. Treasury bond yield increased to 4.96%, reflecting higher borrowing costs amid inflation and energy price rises.
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