Crude oil prices surged to their highest level in 14 weeks, driven by escalating tensions between the US and Iran related to attacks on tankers. West Texas Intermediate (WTI) crude settled just above $94.00 per barrel, marking a gain of more than 2%, according to FX Street.
This rally reflects growing concerns about supply disruptions in the oil market as geopolitical risks in the Middle East intensify. The last time WTI traded at this level was on May 22, underscoring the significance of the recent price movement.
For Japanese investors, who are highly sensitive to energy price fluctuations due to the country's reliance on oil imports, these developments could influence FX and equity markets, especially in sectors linked to energy and transportation.