Global Market Oil Prices Surge Amid Economic Concerns

Updated: 10:49 AM PKT — June 4, 2026

Renewed fighting between the US and Iran sent Asian stock markets lower on Thursday, with MSCI’s Asia-Pacific index outside Japan falling 1.5% and Japan’s Nikkei 225 slumping 1.9%. The geopolitical tensions prompted a shift to safe-haven assets, strengthening the US dollar to a two-month high against a basket of currencies.

In contrast, oil prices eased from recent highs following the announcement of a ceasefire between Israel and Lebanon, with Brent crude falling 1.3% to $96.59 a barrel. Other markets saw significant movement, with gold rising 0.9%, while cryptocurrencies tumbled, with Bitcoin hitting a four-month low.