Business · Energy & Commodities · 2 hrs ago
Japanese crude futures rise on concern over possible US strikes on Iran
Japanese crude oil futures opened higher on Monday as traders weighed the risk of renewed US military action against Iran.
The concern is that attacks could affect oil supplies from the Middle East, a major source of crude.
The market’s new benchmark contract, for April 2027 delivery, opened at 97,650 yen per kiloliter, up 840 yen from its previous settlement.
The concern is linked to the US midterm elections, due to be counted on November 3, after which traders fear the United States could resume strikes.
Gold continued to fall in the morning market.
The next development traders are watching is whether the election is followed by renewed US military action against Iran.
Japanese crude oil futures rose at the start of trading on the morning of Nov. 2.
The April 2027 contract opened at 97,650 yen per kiloliter, up 840 yen from the previous Friday’s settlement price.
Buying was driven by concern that the United States could resume military strikes on Iran after its midterm elections.
Traders were wary of possible effects on oil supplies from the Middle East.
- Who
- Participants in Japan’s domestic commodity futures market.
- What
- Crude oil futures rose at the start of trading.
- When
- The morning of Nov. 2, 2026.
- Where
- Japan’s domestic commodity futures market.
- Why
- Concern that the United States could resume military strikes on Iran after the midterm elections, affecting Middle East oil supplies.
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- Contract
- April 2027 crude oil futures
- Opening price
- 97,650 yen per kiloliter
- Change
- 840 yen above the previous Friday’s settlement price
- Market
- Japan’s domestic commodity futures market
- Concern
- Possible resumption of US military strikes on Iran after the midterm elections