Asian shares mixed as oil soars on ME tension ahead of US jobs data
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Oil rose as tensions in the Middle East unnerved investors ahead of US jobs data due later Friday that will help identify the path ahead for interest rates. West Texas Intermediate and Brent crude extended gains Friday after each rose more than 5% Thursday to a one-month high. The rise accelerated after puzzling comments from President Joe Biden, who told reporters the US was discussing whether to support potential Israeli strikes against Iranian oil facilities. Investors are concerned that, should Israel strike critical Iranian assets, the Islamic Republic will lash out and escalate the conflict, dragging in more countries and potentially disrupting global energy shipments. Israel said it bombed more than a dozen Hezbollah targets in Beirut on Thursday. “The market fear is that there could be supply disruptions coming out of Iran,” said Tai Hui, chief Asia market strategist for JPMorgan Asset Management, on Bloomberg Television. “Demand ...