INPEX surges after three-day decline as crude oil remains elevated amid heightened Iran tensions

Shares of INPEX CORPORATION <1605> rebounded sharply on Tuesday, snapping a three-day losing streak as a volatile geopolitical risk premium in energy markets sparked robust buying volume. The turnaround was anchored by a surge in U.S. crude oil futures on Monday, June 1, which saw the West Texas Intermediate (WTI) July contract climb $4.80 from the prior week's close to settle at $92.16 per barrel. Global supply anxieties flared after Iran reportedly suspended diplomatic talks with the U.S. on Monday following sustained Israeli airstrikes against Hezbollah, the pro-Iranian militant group in Lebanon. Reports of direct military exchanges between U.S. forces and Iran briefly propelled crude prices to an intraday high of $94.78. However, the rally partially unwound after U.S. President Trump posted on social media that Israel and Hezbollah had agreed to a ceasefire, while indicating that a memorandum of understanding with Tehran "could possibly be realized within the next week or so." While crude benchmarks subsequently softened in response?trading in the low-$91 range by Tuesday afternoon, Japan time?prices remain highly elevated as market participants navigate profound near-term uncertainty over the Middle Eastern outlook.

Source: MINKABU PRESS

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