Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the U.S.-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output.
The Asean Manufacturing Purchasing Managers’ Index (PMI) hit a record high of 53.8 in February 2026, up from 52.8 in January 2026, driven by a record improvement in new orders, as well as a near-record increase in output, said S&P Global.
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The S&P Global final Japan Services Purchasing Managers' Index (PMI) edged up to 53.8 in February from 53.7 in January, marking the 11th consecutive month of expansion. The rate of expansion was the best recorded since May 2024.
China's manufacturing activity revealed mixed performances on Wednesday, with an official survey highlighting ongoing struggles for factory orders, while a private poll pointed to the sector's best business conditions in more than five years.
Chinese electric vehicle maker BYD (002594.SZ) opens new tab recorded the biggest fall in global sales in six years last month against a backdrop of fierce competition in the world's largest auto market.
The Middle East war's impact on the global economy will depend on its duration and damage to infrastructure and industries in the region, particularly whether energy price increases are short-lived or persistent, the International Monetary Fund's number two official said on Tuesday.