Tokyo, March 2 (Jiji Press)–Crude oil and gold futures in Japan rose sharply on Monday, driven by concerns over the Middle East situation following the U.S.-Israeli attacks on Iran. With Japan importing 90 pct of its crude oil from the Middle East, investors rushed to buy oil futures due to supply-related concerns. On the Tokyo Commodity Exchange, the key Dubai crude oil futures contract for August delivery surged to 70,540 yen per kiloliter, up 4,810 yen from last week’s close and ending above 70,000 yen for the first time in about a year. Meanwhile, gold is widely acknowledged as a safe-haven asset. On the Osaka Exchange, the gold futures contract for February 2027 delivery closed at 28,111 yen per gram, up 1,071 yen, after briefly rising by over 1,100 yen. “The attack was larger than expected, and we’re seeing conflicting news reports on a Strait of Hormuz blockade,” said Yuki Takashima, an economist at Nomura Securities Co. “Crude oil and gold (futures) are not expected to drop anytime soon,” Takashima added. END [Copyright The Jiji Press, Ltd.]
Japan Oil, Gold Futures Rise amid U.S.-Israel Attacks on Iran
Related Posts
Japan Evacuates 5 Nationals from Israel to Jordan
Tokyo, March 2 (Jiji Press)–The Japanese government said Monday that it has evacuated five Japanese nationals from Israel to Jordan following the latest U.S.-Israeli attack on Iran. According to Japan’s Foreign Ministry, about 1,000 Japanese nationals are in Israel. Of them, five
BOJ Likely to Continue Rate Hikes: Deputy Gov.
Tokyo, March 2 (Jiji Press)–The Bank of Japan is expected to continue raising its policy rate even if the country’s inflation rate temporarily falls below the central bank’s 2 pct target, BOJ Deputy Governor Ryozo Himino suggested Monday. The country’s underlying inflation,
