Asian shares skid as Brent crude trades above $100 a barrel

  • Asian shares fell after Wall Street declined amid renewed oil-price gains.
  • Brent crude jumped 3.4% Wednesday and traded near $101 Thursday.
  • U.S.-Iran attacks disrupted Strait of Hormuz traffic, affecting one-fifth of global oil supply.

Asian shares fell Thursday after Wall Street declined as Brent crude remained above $100 a barrel amid attacks between the U.S. and Iran that are stifling oil flows through the Strait of Hormuz. Brent jumped 3.4% Wednesday to move above $100 for the first time since July before easing to about $101 early Thursday. U.S. President Donald Trump said oil prices likely would not fall until after U.S. midterm elections. Tokyo's Nikkei 225 fell 0.8% to 64,597.46, South Korea's Kospi declined 0.9% to 6,989.06, Hong Kong's Hang Seng lost 1.4% to 24,932.95, the Shanghai Composite slipped 0.3% to 3,939.43 and Australia's S&P/ASX 200 dropped 1.5% to 8,774.50. Taiwan's Taiex fell 0.8%. On Wednesday, the S&P 500 dropped 0.5%, the Dow Jones Industrial Average declined 0.8% and the Nasdaq composite fell 0.6%, leaving all three on track for weekly losses. Energy was the only advancing S&P 500 sector, with Exxon Mobil up 2.2% and Chevron gaining 1.9%, while Amazon, Starbucks and Home Depot fell. Higher oil and fuel costs are increasing transportation and production expenses, with U.S. gasoline prices up about 32% from a year ago to $4.22 per gallon and diesel reaching $5.94 overnight, 9 cents above Friday's level. Investors were awaiting August wholesale-price data Thursday and the August Consumer Price Index on Friday, with both reports expected to show inflation above 3%, compared with the Federal Reserve's 2% target. Meta Platforms rose 6.6% after launching Muse, a personal artificial intelligence agent for people 18 and over. Rising Treasury yields also pressured stocks, while the Treasury Department said it would buy back up to $6 billion in long-term debt. The dollar fell to 153.42 Japanese yen from 153.54 yen, while the euro rose to $1.1640 from $1.1632.

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