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Asian shares slip as Brent nears $100 on West Asia supply fears

Brent crude jumped to $99.5 a barrel after Saudi Arabia halted operations following attacks, while the yen strengthened and Japan's Nikkei reversed early gains.

Reported · Written up by our desk · Trade & Tariffs

Asian markets ended mostly lower on Tuesday as selling pressure hit equities while Brent crude neared $100 a barrel, driven by fears that supply disruptions in West Asia could deepen after further escalation of attacks, according to LiveMint Markets.

South Korea's KOSPI ended down 0.6% at 6,954.52 after briefly rising to 7,171, its highest level since August 18, while Hong Kong's Hang Seng closed 0.38% lower at 25,317.18. Japan's Nikkei 225 also reversed, falling 1.7% to 65,269.33, as major exporters came under pressure alongside a sharp rise in the Japanese yen.

LiveMint Markets said Brent reached $99.5 a barrel after Saudi Arabia halted operations at facilities in the kingdom's south following attacks, and that strong Chinese purchases added to tightness in the oil market. US benchmark crude rose 2.5% to $93.79 a barrel.

The stronger yen, which rose as much as 1% to 152.89 per dollar, was linked to expectations of a Bank of Japan interest-rate hike next week, and traders were also watching details of an Iranian deal with Oman aimed at managing shipping through the Strait of Hormuz, LiveMint Markets added.

Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%|Nikkei 225 66,215.34 ▼0.1%

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