Following a sell-off in Wall Street’s technology stocks, Asian markets largely declined on Wednesday, as oil prices increased in response to further US airstrikes against Iran Following US President Donald Trump’s pledge of retaliation and his accusation that Iran was responsible for the downing of an Apache helicopter that fell near the Strait of Hormuz on Tuesday morning, the US military commenced assaults.
Tehran declared that it “will leave no attack or threat unanswered” and promised to retaliate. The most recent escalation has unsettled markets already shaken by volatility in stocks tied to artificial intelligence and cast doubt on the likelihood of a long-term resolution to a battle that has now lasted more than three months.
However, oil prices were somewhat lower in early trading on Tuesday despite the uncertainty surrounding the complete reopening of the Strait of Hormuz. The situation remains highly volatile,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a note. At the time of writing, the front month contracts for the US benchmark crude, WTI, and the international benchmark, Brent crude, were trading at $87.90 and $91.20 per barrel, respectively, down about 0.3%.
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