climbed on Friday, driven by increased buying interest due to rising crude oil prices amid escalating tensions in the Middle East.Hengyuan had surged 36 sen, or 15.32% to RM2.69 while Petron added 13 sen, or 2.9% to RM4.61 at 11.15 am.“Oil prices skyrocketed, while stock markets stumbled as investors scrambled for cover amid the brewing chaos in the Middle East.
He noted that Brent crude soared more than 5% on Thursday, notching its biggest single-day rise in over a year. “If oil holds steady through Friday, it’s on track for its most significant weekly rise since January last year. While it’s true that oil’s surge is from a relatively low base, the impact is real. Global investors are sweating, and if the geopolitical tension keeps bubbling, the inflation outlook could get a nasty wake-up call,” he said.
Reuters reported that oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge. Brent crude futures were up 9 cents, or 0.12%, to US$77.71 a barrel as of 0010 GMT. U.S. West Texas Intermediate crude futures were up 8 cents, or 0.11%, to US$73.79 a barrel.MSIA: 53% of E&E, semiconductor companies optimistic on business outlook in 4QHLIB: Banking system continues to be strong, well-positioned to weather shocks