Thanks for joining me. Oil prices marched higher as Iran launched a new wave of attacks at Israeli and American bases.
Brent crude, the international benchmark, was up 3.5pc to more than $84 a barrel, close to the 20-month highs hit during panic selling on Tuesday.
The rise followed warnings from Iran that the US would “bitterly regret” torpedoing an Iranian warship in the Indian Ocean.
Meanwhile Israel said it had begun a “large-scale” attack on Tehran.
Oil also rose as China told its largest oil refiners to suspend exports of diesel and gasoline, according to Bloomberg News.
China is a net importer of oil and is one of several major Asian economies that depend on the vital Strait of Hormuz trade route, where oil and gas traffic is currently blocked.
The Middle East was the source of 57pc of China’s direct seaborne crude imports in 2025, according to analytics firm Kpler. Here is what you need to know.
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What happened overnight
Asian stocks jumped after a three-day rout sparked by the Middle East war.
Seoul was again the standout, with the Kospi soaring 12pc at one point as traders snapped up bargains following the previous two days’ near 20pc collapse that put the index within reach of a bear market.
South Korea’s president ordered on Thursday the activation of a $68bn stabilisation fund as the Middle East crisis roiled markets.
The advances followed a positive day on Wall Street, where forecast-topping figures on US private-sector hiring and services industry activity provided some much-needed positive news.
Global markets have been thrown into turmoil this week after the United States and Israel began strikes against Iran on Saturday, killing its supreme leader and sparking a wave of retaliatory attacks across the Gulf.
Tehran also effectively shut down the Strait of Hormuz, through which a fifth of the world’s crude and considerable liquefied natural gas (LNG) supplies travel, sending prices soaring.
Both main oil contracts are up almost 20pc since Friday, stoking the chances of a fresh spike in inflation and dealing a blow to hopes for lower interest rates.
Among the best Asian performers was Seoul, which had advanced about 50pc since the start of the year – having gained 76pc in 2025 – thanks to a surge in chip giants Samsung and SK Hynix.
There were also gains elsewhere in the region, with Tokyo piling on 1.9pc, while Taipei jumped more than 2pc.
Hong Kong, Shanghai, Sydney, Singapore, Wellington, Manila, Mumbai and Bangkok were also well up though most pared their early rallies.
It came after markets stabilised on Wednesday after reports that Iranian intelligence forces had told the US it was open to talks.
The price of Brent crude rose by 0.45pc to $81.77 per barrel. European gas futures fell by 8pc but were still up 58pc compared to Friday.
Stock markets rose with the US benchmark S&P 500 climbing by 0.79pc. The Nasdaq Composite jumped 1.3pc and the Dow Jones Industrial Average rose by 0.49pc.
