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Economy

Crude oil prices up as world awaits US decision on war

Oil prices have been fluctuating as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude

News Arena Network - Manila - UPDATED: June 20, 2025, 06:05 PM - 2 min read

The uncertainty surrounding escalating tensions in the Middle East have led to soaring crude oil prices, keeping the markets on a tipping point


Crude oil prices rose again on Friday as the Iran-Israel conflict entered the seventh day, with no signs of abating. With the US President Donald Trump delaying his decision on joining Israel’s war against Iran, Asian shared were also trading mixed and US futures edged lower after Wall Street was closed on Thursday for the Juneteenth holiday.


US benchmark crude oil added 15 cents to USD 73.65 per barrel, while Brent crude, the international standard, was up 19 cents at USD 76.89 per barrel.


Oil prices have been fluctuating as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.

 

ALSO READ: https://newsarenaindia.com/economy/a-well-oiled-economy-in-jeopardy/47924


Meanwhile, investors remained wary after the White House said Trump could decide on whether to launch an attack on Israel within the next two weeks, but that he “still believes diplomacy is an option,” said Anderson Alves, a trader at ActivTrades.


Trump’s tariff discussion with various countries and his lack of clarity on the levying of duties remains another major factor weighing on markets.


Tokyo’s Nikkei 225 index edged 0.1 per cent higher to 38,538.14 after Japan reported that its core inflation rate, excluding volatile food prices, rose to 3.7 per cent in May, adding to challenges for Prime Minister Shigeru Ishiba's government and the central bank.


“Core Japanese inflation rose more than expected in May. Even so, the Bank of Japan is likely to prioritize the negative impact of US tariffs,” said Min Joo Kang of ING Economics.


Kang said the Japanese government was concerned about the risk of US trade policies breaking the virtuous circle of wage growth and inflation. 


Hong Kong's Hang Seng index jumped 1.2 per cent to 23,504.59, while the Shanghai Composite gained 0.1 per cent, reversing earlier losses, to 3,364.83.  


China's central bank kept its key 1-year and 5-year loan prime rates unchanged, as expected, while the Bank of England also kept its main interest rate at a two-year low of 4.25 per cent, citing risks of further escalation of the Iran-Israel war.


Australia's S and P/ASX 200 shed 0.3 per cent to 8,500.40 while South Korea's Kospi gained 1.2 per cent to 3,014.05.


Risk sentiment continued to run high, making investors cautious as the Middle East tensions increase, noted Mizuho Bank Ltd. in a commentary.


The US dollar slipped to 145.28 Japanese yen from 145.46 yen. The euro rose to USD 1.1530 from USD 1.1498. 

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