Shares of Malaysian glove manufacturers rebounded on Monday, with Top Glove Corporation Bhd (KL:TOPGLOV) leading gains, as higher average selling prices (ASPs) initiated by Chinese producers lifted sentiment across the sector.
BYD is "highly confident" of reaching its 2026 overseas sales target of 1.5 million vehicles or even higher, the company told analysts during its post-earnings call on Monday.
Brent crude could surge to $200 a barrel, pushing U.S. gasoline prices to around $7 a gallon, if the Iran conflict drags on through the end of June and the Strait of Hormuz remains largely closed to shipping traffic, Macquarie strategists warned in a note.
Oil prices rose for a fourth day on Tuesday, with Brent crude poised for its largest monthly gain on record and U.S. crude futures set for their strongest monthly increase since 2020, because of supply constraints from the widening Middle East war.
Oil prices rose sharply on Monday after Yemen’s Houthi group attacked Israel over the weekend, pointing to a broader scope for the war in the Middle East.
Continued hostilities between the U.S., Israel, and Iran also pointed to little de-escalation in the war, with Tehran stating that it was prepared for a U.S. ground invasion as Washington deployed more troops to the Middle East.
Oil prices took few cues from U.S. President Donald Trump offering encouraging comments on negotiations with Iran.
Brent oil futures jumped 2.7% to $115.55 a barrel by 00:43 ET (04:43 GMT), while West Texas Intermediate crude futures rose 1.8% to $101.41 a barrel. Brent had initially surged as high as $116.43 a barrel.
Houthi attacks could open new front in Iran war
The Yemen-based, Iran-backed Houthis said on Sunday that they had launched a barrage of missiles against Israel, and vowed to launch more attacks.
Their joining the war sparked concerns over a potential escalation in the conflict, given that the group has the capability to attack ships passing through the Red Sea.
"The Houthis’ weekend involvement and the arrival of additional US troops underscore the conflict’s widening scope," OCBC analysts said in a note.
"With little prospect of an imminent reopening of the Strait of Hormuz, our baseline remains for Brent to stay around USD100/bbl through mid‐year before gradually easing in 2H26."
Source : Investing.com
Stock markets slid in Asia on Monday as investors dug in for a protracted Gulf conflict that already has oil prices heading for a record monthly rise, bringing a spike in inflation and the risk of recession to much of the globe.
Pakistan said it was preparing to host "meaningful talks" to end the conflict over Iran in coming days, even though Tehran accused Washington of preparing a land assault as the U.S. military builds up forces in the region.
The Financial Times late on Sunday quoted President Donald Trump saying the U.S. could seize Kharg Island in the Persian Gulf, from where Iran exports much of its oil, but also that a ceasefire could come quickly.
Yemen's Iran-aligned Houthis also launched their first attacks on Israel since the start of the conflict.
"Iran's control of the Strait of Hormuz, capacity to disrupt global energy and food markets, and sustained missile and drone capabilities give it little incentive to concede, pressuring the U.S. to escalate," said Madison Cartwright, senior geo-economics analyst at Commonwealth Bank of Australia.
Source : Reuters