HONG KONG (AP) — Asia stocks pulled back on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
U.S. futures rose and oil prices fell despite tensions roiling the Middle East where an attack late Saturday marked the first time Iran had ever launched a military assault on Israel, despite decades of enmity dating back to the country’s 1979 Islamic Revolution.
A barrel of benchmark U.S. oil declined 41 cents to $85.25 a barrel. Brent crude, the international standard, lost 24 cents to $90.21. Slower demand from China, combined with forecasts that growth in supply is outpacing demand, has kept prices in check.
“While the drone attack has grabbed headlines, its immediate impact on global markets, particularly oil prices and inflation concerns, may be subdued,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary. “The precision and limited lethal impact of Iran’s response suggest a strategic approach aimed at minimizing damage rather than escalating tensions.”
Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
VOX POPULI: Remembering the psychologist who changed the face of economics
Convicted sex offender says rule against sex between prisoners is discriminatory
Indebtedness affects 76.6% of Brazilian families
Dodgers acquire pitcher Yohan Ramírez from Mets for cash
How O.J. Simpson's legal trouble affected his athletic legacy
New police search for missing mum Samantha Murphy in bushland in Victoria
Publican pleads guilty to stealing $180,000 in grant funding
Ricky Stenhouse punching Kyle Busch could lead to suspension
US China news update: USA renews warning it would defend Philippines after China spat
Iran helicopter crash that killed President Raisi could reverberate across the Middle East
Joe Biden says US 'considering' dropping pursuit of Julian Assange