Tokyo, Oct. 14 (Jiji Press)–The key Dubai crude oil futures contract on the Tokyo Commodity Exchange hit a record high for the first time in 18 years and three months on Wednesday amid a tense Middle East situation. The contract for March 2027 delivery rose as much as 1,950 yen from Tuesday to 95,900 yen. The previous high for a key contract was 95,360 yen scored in July 2008. Investors placed brisk buy orders following crude oil price rises in overseas markets. The March 2027 contract ended up 1,460 yen at 95,410 yen. Fighting has intensified between Saudi Arabia and the Iran-backed Houthi militant group in the Middle East, raising concerns that crude oil supplies from the region could decrease further. Against the background, crude oil futures rose on the New York Mercantile Exchange. The yen’s depreciation against the dollar also helped push up yen-denominated crude oil futures prices. “As reports broke that Saudi Arabian Oil Co., or Saudi Aramco, came under attack, market caution has increased,” an analyst said. “Geopolitical risks in the Middle East are likely to be prolonged.” END [Copyright The Jiji Press, Ltd.]
