TOKYO, March 13 — Brent crude inched further above US$100 (RM393) a barrel and stocks fell in early Asian trade today, after Iran vowed to attack oil resources in the Middle East and keep choking the Strait of Hormuz.
Having risen above US$100 yesterday, Brent was up 0.20 per cent at US$100.66 at around 0020 GMT, while West Texas Intermediate was flat at US$95.75.
In Japan, the Nikkei was down 1.4 per cent at 53,687.30 points while the Kospi in South Korea fell 2.2 per cent to 5,462.97.
With Gulf states slashing production and oil tankers stuck in the Gulf, benchmark oil prices have risen 40 to 50 per cent since the United States and Israel attacked Iran on February 28, threatening to curb growth and stoke inflation.
The Strait of Hormuz, a crucial waterway for crude, remains effectively shut.
Saudi forces intercepted dozens of drones today and Israel came under attack from missiles launched by Tehran.
The International Energy Agency has warned that the Middle East war could lead to “the largest supply disruption” in the industry’s history.
But US President Donald Trump wrote on social media that defeating Iran’s “evil empire” was more important than crude prices. — AFP
