Global Oil Markets Stabilize Amid US-Israel Conflict, Asian Stocks Rise

Hong Kong. The global oil market, which experienced sharp fluctuations in recent days due to the ongoing war between the United States and Israel in Iran, appeared relatively stable on Wednesday. During morning trading on Wednesday, the international benchmark Brent crude oil price fell by about 1.18 percent to $86.80 per barrel. Meanwhile, the US benchmark West Texas Intermediate (WTI) was trading at $83.14 per barrel, reflecting a decrease of 0.52 percent.

On Monday, amid escalating conflict fears, oil prices had surged to nearly $120 per barrel. Although prices have slightly decreased since then, they remain at a level higher than before the war began. Member countries of the International Energy Agency (IEA) are discussing the possibility of releasing emergency oil reserves into the market to control oil prices. However, no formal decision has been made yet.

Meanwhile, Asian stock markets are also showing signs of gradual improvement. Stock markets, which closed in the green on Tuesday, appear set to remain positive on Wednesday as well. South Korea's Kospi index rose by about 3.57 percent, while Japan's Nikkei 225 index increased by 2.54 percent.

In Hong Kong, the Hang Seng rose by 0.07 percent, while Taiwan's Taiwan Weighted Index climbed 4.32 percent. Singapore and Chinese stock markets were also in the green during Wednesday's trading. However, the Indian stock market was in the red.

According to analysts, the current stability in oil and stock markets is due to the markets digesting the latest news regarding the war situation. However, warnings have been issued that if the tension in the Middle East prolongs, further pressure could be exerted on energy markets and the global economy.