China Shares Open Lower on Oil Price Jump, Geopolitical Tensions

MT Newswires Live

07/24

Chinese shares opened lower on Friday as soaring oil prices and geopolitical tensions dampened investor appetite for equities.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.6% lower to 3,853.63. The Shenzhen Component Index fell 1.5% to 13,915.04.

Escalating Middle East tensions, including attacks on Saudi oil tankers in the Red Sea by Yemen's Houthi militants and the U.S. stepping up military strikes on Iran, drove the spike in oil prices.

Oil prices surpassed $100 per barrel for the first time since May, with the benchmark Brent crude jumping over 6% in a multi-day rally triggered by expanded U.S. military strikes against Iran, BBC News reported.

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