Asian markets open higher and oil retreats after US, Israel seek to ease concerns
Shares across Asia have opened mostly higher on Friday after a volatile day of trade in Wall Street overnight.
Brent crude was falling toward $105 a barrel, News.Az reports, citing CNN.
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The retreat comes after comments by US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu to ease concerns over the war with Iran.
On Thursday, Trump told reporters he’s “not putting troops anywhere” in the Middle East region. Meanwhile, Netanyahu said he will heed Trump’s call to refrain from attacking any more Iranian energy sites.
Oil and gas prices have been volatile since the strikes on major energy infrastructure across the Middle East.
On Wednesday, Israel attacked Iran’s South Pars — the world’s largest natural gas reserve. It’s also the most significant Iranian energy site to come under attack in the war.
Iran hit back at a number of energy sites including the Ras Laffan liquefied natural gas facility in Qatar, the world’s largest.
Qatar says the attack could take five years to repair.
Trump tried to downplay the spike in oil prices during his meeting with Japan’s visiting prime minister, telling reporters: “Actually, I thought there was a chance it could be much worse. It’s not bad, and it’s going to be over with pretty soon.”
What might offer some relief to investors – an update from the International Energy Agency.
On Thursday, the IEA released details on emergency crude oil commitments by member nations.
The biggest contributor: The United States with 172 million oil barrels, followed by Japan with nearly 80 million barrels.
By Faig Mahmudov
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