WTI crude oil prices climbed nearly 5% on Thursday, hitting around $99 per barrel, marking their highest point since May 21. This sharp rise comes amid escalating tensions in the Middle East, which have heightened concerns over potential disruptions to an already tight global supply, according to FX Street.
The oil benchmark has gained about 10.50% so far this week, reflecting increasing market anxiety about supply stability in a geopolitically sensitive region. The surge underscores how geopolitical risks continue to influence commodity markets significantly.
For Japanese investors, the price jump adds pressure on energy import costs, potentially impacting inflation and monetary policy considerations in the FX and equities markets.