Tuesday , March 9 2021

Crude oil tops $ 70 as US-Iran tensions escalate – CNN, CNN


Hong Kong (CNN Business)Oil prices continued to rise Monday astensions escalatebetween the United States and Iran.

Futures for Brent crude, the global benchmark, gained 2.4% to reach $ (***************************************. ****************************************** per barrel – the first time prices have hit that amount in more than six months.

US oil futures advanced 2.1% to reach $ per barrel.

Oil prices rose more than 3% on Friday after Qasem Soleimani, a top Iranian commander, was killed ina US strikeordered by President Donald Trump. The killingrisks further escalating tensionsin the Middle East, which is home to major oil producing countries and key energy supply routes.

    ****** Still, analysts said last week that they expect a limited response That won’t significantly disrupt crude supplies, keeping a lid on oil prices.

    Stocks, meanwhile, mostly kept falling on Monday. South Korea’sKospi(KOSPI) lost 0.8%, while Hong Kong’sHang Seng Index(HSI)dropped 0.7%.

    ChinaShanghai Composite (************** SHCOMPopened down 0.4%, but reversed losses to trade in the green.

    Japan’s

      Nikkei

        ************************** (

    ********************************)tumbled 2.1% on its first trading day of the year. Japanese markets were closed for several days to celebrate the New Year holiday.

    Meanwhile, a closely watched private survey of China’s services sector released Monday showed slowing growth in December. The Caixin / Markit services purchasing managers index reached 64. 5 in December, down from November’s seven-month high of 53. 5. Still, December’s number was above the 50 – point level indicating growth.

    Official data from that sector released last week also showed slowing growth.

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