Asia-Pacific markets were poised to open lower Thursday, tracking overnight losses in key Wall Street benchmarks as oil prices extended gains amid a U.S. blockade of Iranian ports, while the Federal Reserve held interest rates steady.
Oil climbed after after The Wall Street Journal, citing U.S. officials, reported that President Donald Trump had told aides to prepare for an extended blockade of Iran. Prices extended gains after Axios reported that Trump rejected Iran’s proposal to reopen the Strait of Hormuz, signaling the U.S. naval blockade will remain until a deal addressing Tehran’s nuclear program is reached.
International benchmark Brent crude futures rose about 6% to close at $118.03 per barrel on Wednesday, while U.S. West Texas Intermediate futures advanced nearly 7% to settle at $106.88 per barrel.
Hong Kong’s Hang Seng index
futures last traded at 25,729, compared with the index’s Wednesday close of 26,111.84.
