Tokyo’s Oil Prices Surge After U.S. Attacks on Iran
(MENAFN) Crude oil futures in Tokyo climbed on Monday amid growing fears of potential disruptions to global oil supply in the wake of U.S. military attacks on Iran's nuclear facilities.
The November contract, serving as the market benchmark, surged more than 3% during early morning trades, peaking at 66,390 yen per kiloliter — approximately 452.6 U.S. dollars — marking the highest level seen since early April.
However, the momentum slowed as trading progressed. By 11:30 a.m. local time, the contract had eased slightly to 65,630 yen per kiloliter, still reflecting a gain of 1,380 yen compared to the previous week's close.
Globally, U.S. crude prices followed a similar trend. West Texas Intermediate (WTI) futures temporarily spiked into the mid-$78-per-barrel range, a notable rise from levels recorded late last week.
Industry experts cited escalating geopolitical tensions in the Middle East as a major factor fueling the price rally. Still, uncertainty over Tehran’s potential reaction has kept some investors cautious. As one analyst put it, with rising tensions across the Middle East, uncertainty about Iran’s next move is leading many investors to take a cautious, wait-and-see stance on where oil prices might head.
Meanwhile, Tokyo’s equities saw early losses, with the Nikkei 225 index dropping more than 300 points. The slide moderated later in the session as initial selling pressure subsided.
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