Oil surges past $125 as fears of prolonged supply disruption grow

{"text":[[{"start":10.85,"text":"Oil surged past $125 to its highest since the Middle East conflict began as fears mounted of a prolonged disruption to global energy supplies."}],[{"start":21.799999999999997,"text":"Brent crude, the international benchmark, jumped as much as 7 per cent to above $126.41 a barrel before falling back to $123.50. The rise follows a 6.1 per cent gain on Wednesday. "}],[{"start":37.25,"text":"US oil prices were 2.3 per cent higher at $109.32 a barrel, after a 7 per cent jump on Wednesday."}],[{"start":46.15,"text":"The surge follows indications by Donald Trump on Wednesday that he would keep blockading the vital Strait of Hormuz until Iran agreed a deal to end its nuclear programme. "}],[{"start":56.2,"text":"Axios also reported later on Wednesday that US military commanders were set to brief the president on Thursday on a plan for a “short and powerful” wave of strikes on Iran, in an effort to force Tehran to accelerate peace talks."}],[{"start":69.45,"text":"“The oil market has moved from over-optimism to the reality of the supply disruption we are seeing” in the Gulf, ING analysts wrote in a note to clients."}],[{"start":78.55,"text":"Rising energy prices have added to pressure on the borrowing costs for governments across Asia, the region most exposed to the Hormuz disruption."}],[{"start":88,"text":"Japanese assets came under the most selling pressure on Thursday, with stocks and bonds falling and the yen trading near levels where authorities have previously intervened."}],[{"start":97.8,"text":"The benchmark Topix led losses in Asia, falling 1.5 per cent, while yields on Japanese 30-year government bonds rose 0.06 percentage points to 3.7 per cent. Bond yields move inversely to prices. "}],[{"start":113.35,"text":"The yen traded around ¥160.40, at levels where Japanese authorities have previously verbally intervened. The currency briefly hit ¥160.47 during late US trading on Wednesday."}],[{"start":125.85,"text":"“Asian markets are really taking it on the chin at the moment,” said Mitul Kotecha, head of emerging markets macro strategy at Barclays."}],[{"start":133.65,"text":"On Wednesday, the Bank of Japan held interest rates steady at 0.75 per cent despite higher energy prices adding to inflationary pressures in the country. "}],[{"start":null,"text":"

"}],[{"start":143.15,"text":"Despite higher energy prices, S&P 500 futures rose 0.1 per cent, while the tech-focused Nasdaq futures were 0.4 per cent higher. Bumper earnings in the US this week have helped buoy megacap technology stocks, with Google owner Alphabet up 7 per cent in after-market trading. "}],[{"start":163.05,"text":"In Taiwan the Taiex index gained 0.5 per cent as investors continued to drive up companies exposed to AI demand. "}],[{"start":171.3,"text":"“Equities are clearly disconnected from all this,” Barclays’ Kotecha said. “The tech and AI euphoria has picked up again and is ignoring it.”"}],[{"start":179.60000000000002,"text":"Higher energy prices have put the most pressure on government bonds in south and south-east Asian countries that have lower energy reserves and less fiscal and monetary space to shield end consumers from higher prices."}],[{"start":193.3,"text":"Yields on 10-year government bonds in India are now at 6.99 per cent while the rupee weakened to a record low against the dollar in early trading. "}],[{"start":201.95000000000002,"text":"In the US, yields on 30-year Treasuries were steady at 5 per cent while the 10-year bond traded flat at 4.42 per cent. The dollar traded flat against a basket of key trading partners. "}],[{"start":214.25000000000003,"text":"Gold edged up 0.5 per cent to $4,570 an ounce, while Bitcoin advanced to about $75,750."}],[{"start":224.25000000000003,"text":"Later on Thursday the European Central Bank and the Bank of England will announce interest rate decisions, followed by US economic data."}],[{"start":241.65000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777535074_1618.mp3"}