Low angle view of tall buildings in Tokyo, Japan, showcasing diverse architectural styles
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Asia-Pacific markets were set to climb Wednesday as investors tracked escalating tensions in the Middle East. A fresh wave of attacks on the United Arab Emirates’ energy infrastructure has heightened fears of prolonged supply disruptions amid the Iran war.
The incidents followed a drone strike on the world’s largest ultra-sour gas development, a fire at the UAE’s Fujairah Oil Industry Zone, and damage to a tanker near the strategically vital Strait of Hormuz.
U.S. oil prices rose 0.06% to $96.27 as of 7:33 p.m. ET.
Australia’s S&P/ASX 200 was flat in early trade.
Japan’s Nikkei 225 was poised to rise, with the futures contract in Chicago at 54,190 and the Osaka contract at 54,230, compared with the index’s previous close of 53,700.39.
Hong Kong Hang Seng index futures were set at 25,891, higher than the index’s last close of 25,868.54.
U.S. stock futures traded near the flat line as traders awaited the Federal Reserve’s rate policy decision. Futures tied to the Dow Jones Industrial Average lost 37 points, or 0.07%. S&P 500 futures dropped 0.07%, while Nasdaq 100 futures fell 0.02%.
Overnight in the U.S., the S&P 500 rose as Wall Street built on the momentum seen in the previous session amid developments in the Iran war.
The broad market index closed up 0.25% at 6,716.09, and the Nasdaq Composite climbed 0.47% to finish at 22,479.53. The Dow Jones Industrial Average added 46.85 points, or 0.1%, to end at 46,993.26.
— CNBC’s Sean Conlon and Pia Singh contributed to the report.
