West Texas Intermediate (WTI) crude oil prices rose above $88.00 on Wednesday, reaching around $88.30 during early European trading hours, according to FX Street.
The price increase followed US President Donald Trump's statement denying any willingness to ease sanctions on Iran. This firm stance on sanctions has contributed to tightening supply concerns in the oil market.
For Japanese investors, the rise in crude oil prices may affect energy costs and impact both equities and currency markets, especially given Japan's reliance on imported oil.