Oil races to near six-month highs on Iran sanctions, stocks rise

HONG KONG/TOKYO - World oil prices jumped to near 6-month highs on Tuesday as the United States tightened sanctions on Iran, sending shares of energy companies higher and boosting currencies of several major crude producers.

European markets looked set to track Asia’s rise, with London’s FTSE futures up 0.4 percent and German DAX futures higher by 0.2 percent. Oil prices are “not so high that it crushes manufacturing by putting energy price inputs up, but it is producing a nice boost to oil producing nations,” said Robert Carnell, Singapore-based chief economist and head of research for Asia Pacific at ING.

“We’ve had a fantastic run in Chinese equities year-to-date, some profit taking is completely normal. I don’t think China is changing its policy that quickly,” said Stefan Hofer, chief investment strategist at LGT Bank Asia in Hong Kong. The world’s largest economy reported worse-than-expected fall in home sales on Monday, as rising demand continued to be frustrated by a lack of properties.

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