WTI crude oil prices rallied more than 5%, reaching around $90.50 per barrel, marking the highest level since June 11. This sharp increase is attributed to heightened supply risks stemming from ongoing hostilities between the US and Iran, according to FX Street.
The renewed geopolitical tensions have raised concerns about potential disruptions in oil supply, driving market participants to push prices higher. FX Street highlighted that these developments have significantly influenced commodity price movements on Thursday.
For Japanese investors, who closely monitor energy prices due to Japan’s reliance on imported oil, such volatility underscores the importance of tracking geopolitical risks that can impact both FX and equities markets.