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Developments related to the ongoing conflict in West Asia and its impact on crude oil prices would be the major driving factors for stock markets this week, analysts said. Besides, global market trends and trading activity of foreign investors would also drive investors' sentiment. "This week, movements in global crude oil prices and further geopolitical developments in West Asia will remain critical external variables influencing market direction. The week will also feature key macroeconomic releases that could shape near-term sentiment. "On the domestic front, investors will closely monitor the Consumer Price Index (CPI) inflation data scheduled for March 12," Ajit Mishra SVP, Research, Religare Broking Ltd, said. Brent crude, the global oil benchmark, jumped 8.52 per cent to USD 92.69 per barrel. "The week ahead is likely to remain volatile, with market sentiment largely shaped by persistent geopolitical tensions in the Middle East. Investors will closely track global ...
Asian shares mostly declined and oil prices surged higher Tuesday as investors eyed risks to the region's energy supply because of the Iran war. Shares in South Korea sank 4.8% as markets reopened after a holiday on Monday, to 5,946.06. Benchmark US crude rose 77 cents to $72.00 a barrel. Brent crude, the international standard, added $1.10 to $78.84 a barrel. They jumped Monday then fell back although still at higher levels than before due to worries that the war could clog the global flow of crude. Japan's benchmark Nikkei 225 sank 2.1% to 56,853.48. Like other resource-poor countries in the region, Japan could be especially hit by the lack of access to the Strait of Hormuz since much of its oil and natural gas is shipped through there. However, analysts say Japan has a sizable stockpile lasting more than 200 days and so the threat is not immediate. Japanese energy stocks plunged, with Eneos Corp. down nearly 6% and Idemitsu Kosan down nearly 4%. Defense-related issues, which ha