Benise Balaoing

US President Donald Trump speaks to the press after signing an executive order in the Oval Office of the White House in Washington, DC on January 31, 2025. Mandel Ngan, AFP/File

Article (news)

Oil in spotlight as Trump's Iran warning rattles sleepy markets

Agence France-Presse

TOKYO -- Oil prices were in focus Tuesday as US President Donald Trump ramped up threats towards Iran, shaking up markets subdued by holidays in Asia and the United States.West Texas Intermediate cooled after rising more than one percent to near $64 per barrel, while Brent eased slightly to just under $69.Trump warned Iran of the &quot;consequences of not making a deal&quot; ahead of talks between Washington and Tehran in Geneva.The US president has repeatedly threatened military action against the Islamic republic -- first over its deadly crackdown on anti-government protests, and then more recently over the country&#x27;s nuclear programme.The warning rippled through markets in an otherwise quiet start to the week, as Shanghai, Hong Kong, Taipei, Seoul and Singapore remained closed for the extended Lunar New Year holiday.US markets were set to reopen later Tuesday after Monday&#x27;s break for Presidents&#x27; Day.Gold slid below $5,000 per ounce, while silver slipped three percent.Tokyo closed down 0.4 percent after the world&#x27;s fourth-biggest economy reported weak growth in the fourth quarter on Monday.&quot;With the US market closed, the Japanese market is expected to start today with little movement due to a lack of material,&quot; brokerage house Monex said in note.&quot;In the foreign exchange market, the dollar/yen exchange rate was trading in the mid-153 yen range, a weaker yen than the previous day, which is likely to support export-related stocks.&quot;Sydney added 0.2 percent after Australian giant BHP, the world&#x27;s largest copper producer, reported a hike in half-year net profit, boosted by demand for copper to meet the global need for electrical power.Bangkok shrugged off limp economic growth reported on Monday to rise 0.5 percent, riding a post-election high after the conservative Bhumjaithai Party&#x27;s stunning victory in February 8 polls.Mumbai and Manila were also in the green, while Wellington slid 0.5 percent.Traders will also be keeping an eye on artificial intelligence this week, as tech CEOs and global leaders rub shoulders at the AI Impact Summit in New Delhi.Touted as the biggest edition yet, the five-day summit aims to declare a &quot;shared roadmap for global AI governance and collaboration&quot;.US Fed governor Michael Barr and San Francisco Fed president Mary Daly are also scheduled to speak on AI on Tuesday, Bloomberg News reported.While frenzied demand for generative AI has turbocharged profits for many tech companies, anxiety is growing over the risks that it poses to society and the environment.

Oil prices were in focus as US President Donald Trump ramped up threats towards Iran, shaking up markets subdued by holidays in Asia and the United States.

Oil prices were in focus as US President Donald Trump ramped up threats towards Iran, shaking up markets subdued by holidays in Asia and the United States.