Singapore Shares Open Lower as Oil Prices Climb Amid Renewed Middle East Tensions

MT Newswires

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Singapore shares continued their losing streak on Wednesday, as investor concerns were fueled by the renewed tensions in the Middle East, which have pushed crude oil prices to nearly $100 per barrel.

The Straits Times Index (STI) opened about 7.86 points, or 0.14%, lower on Wednesday at 5,759.590.

Oil prices rose on the news of explosions in the area of Kharg Island and the US forces destroying five Iranian crude tankers after attempted attacks on an American warship.

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