Oil Jumps and Stocks Fall as Markets Digest Iran Attack

The world’s most broadly watched measure of oil prices, which briefly surged past $70 a barrel, fell back somewhat as trading continued. At midday on Wednesday in Asia, futures prices for Brent crude had risen 1.4 percent to $69.20 a barrel.

The most widely used benchmark for oil prices in the United States, the futures contract for West Texas Intermediate crude, was up 1.3 percent to $63.50 a barrel.

Stock losses also moderated.

At midday, stocks in Tokyo were 1.2 percent lower, Asia’s biggest drop. Earlier in the day they had traded more than 2 percent lower.

Markets in Hong Kong, mainland China and South Korea were all down less than 1 percent.

Futures markets signaled that Wall Street would open lower on Wednesday, though by a moderate amount.

Article source: https://www.nytimes.com/2020/01/08/business/global-markets.html?emc=rss&partner=rss