Crude oil futures on the Tokyo market rose on Monday, driven by heightened concerns over oil supply disruptions following the U.S. military strikes on Iranian nuclear facilities, News.az reports citing Xinhua.
The benchmark November contract for crude oil at one point rose more than 3 percent during morning trading, hitting 66,390 yen (about 452.6 U.S. dollars) per kiloliter, the highest level since early April.
Gains narrowed later. As of 11:30 a.m. local time, the November contract was trading at 65,630 yen per kiloliter, up 1,380 yen from the previous week’s settlement price.
In global markets, WTI crude futures briefly surged to the mid-78 U.S. dollar range per barrel, up sharply from the level seen late last week.
Market analysts noted that while geopolitical tensions in the Middle East have intensified, uncertainty remains over how Iran might respond, prompting many investors to adopt a wait-and-see approach regarding future oil price movements.
In the Tokyo stock market, while the Nikkei 225 had dropped over 300 points at one stage, the decline moderated after early selling settled.
News.Az
AloJapan.com