WTI crude oil prices hovered around $83.60 per barrel during Asian trading hours on Monday, after opening with a bullish gap. This price movement followed missile attacks by Iran in response to US strikes, heightening geopolitical tensions in the region.
According to FX Street, the oil market reacted swiftly to these developments, reflecting concerns over supply disruptions amid escalating conflict. Earlier, WTI had traded near $83.50 per barrel before the bullish gap opened the trading day.
For Japanese investors, these fluctuations in crude oil prices are particularly relevant as Japan relies heavily on energy imports, making the market sensitive to Middle East geopolitical risks that can impact fuel costs and inflation.