TOKYO: Japan’s Nikkei share average ended lower on Thursday as global oil prices resumed their climb, while concerns grew that the US-Israeli war with Iran could drag on.
The Nikkei fell 1.04 percent to 54,452.96, after falling as much as 2.2 percent earlier in the session.
The broader Topix slipped 1.32 percent to 3,649.85.
“The market is betting that the war will be prolonged,” said Takamasa Ikeda, senior portfolio manager at GCI Asset Management.
“The oil prices rose, and that prompted investors to sell stocks.”
The benchmark Brent crude jumped back above USD100 a barrel as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Japan, which is dependent on the Middle East for around 95 percent of its oil supplies, said it would release about 80 million barrels of oil from its strategic reserves, equivalent to 45 days of supply, to mitigate global disruptions.
Comments
Comments are closed for this article.