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      Oil Prices Steady Amid Middle East Tensions and Positive Manufacturing Data from Asia

      Oil prices remained stable following recent gains, supported by geopolitical tensions in the Middle East. A US strike on Iranian rocket launchers and subsequent Iranian retaliation have contributed to the upward pressure on crude prices. Reports of a Saudi Very Large Crude Carrier being struck by projectiles in the Strait of Hormuz have further underscored the volatility in the region, prompting President Trump to vow a strong response to Iran's actions.

      In Asia, manufacturing data showed positive trends, with China's RatingDog Manufacturing PMI rising to 51.5 in August, marking a two-month high and indicating continued expansion in the sector. This growth in new orders and exports is seen as a positive signal for the Australian dollar, which often acts as a proxy for Chinese economic performance. Japan's S&P Global Manufacturing PMI also improved, reaching 54.9, driven by strong demand in AI and semiconductor sectors, although it fell short of market expectations.

      Meanwhile, South Korea's manufacturing PMI eased slightly to 52.3, reflecting a more cautious outlook. In the currency markets, the US dollar held steady against major currencies, with Treasury Secretary Scott Bessent indicating that Japan is likely to take measures to strengthen the yen, as discussions on joint intervention continue. Regional equity markets showed mixed results, with the Nikkei 225 recovering from earlier lows while the Hang Seng Index declined.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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