Vix Stock Watch: Oil Surges, Asia Rebounds After Heavy Losses
vix stock was in focus for volatility-minded investors as crude prices pushed higher while Asian equities rebounded from days of steep declines tied to the war in the Middle East. As of Thursday at 9: 20a. m. ET, oil was up after reports of an attack on a US-registered tanker helped lift Brent crude to $84 a barrel, even as several regional stock benchmarks moved sharply higher.
Brent crude hits $84 a barrel after tanker report in the Persian Gulf
Oil extended gains after Iran’s Tasnim news agency said a US oil tanker in the northern Persian Gulf had been hit by a missile launched by Iranian forces. Brent crude rose 3. 3% to $84 a barrel, adding to the market’s focus on supply disruption and shipping risk in the region.
Natural gas prices also moved higher alongside crude. UK gas rose almost 1%, and European natural gas futures climbed 2%, reinforcing the broader energy-price pressure that traders have been tracking during the conflict.
Supply concerns sharpened after Qatar, the Gulf’s biggest liquefied natural gas producer, suspended activity at its facilities on Monday and declared force majeure on gas exports on Wednesday. The force majeure declaration frees Qatar from contractual obligations to customers, and a return to normal production volumes could take at least a month, said in the context provided.
South Korea’s KOSPI rebounds nearly 10% after a historic 12% drop
Equity markets in Asia rebounded after heavy losses driven by the war in the Middle East. South Korea’s KOSPI, which had posted its biggest ever fall on Tuesday of 12%, rose by almost 10% on Thursday. Japan’s Nikkei added 1. 9%, while MSCI’s Asia-Pacific index excluding Japan jumped 2. 7%.
The sharp swing in South Korea also came as a ruling party lawmaker warned that the US-Israeli war with Iran, then in its sixth day, could disrupt supplies of important semiconductor manufacturing materials. Kim Young-bae said the country’s chip industry—which supplies two-thirds of global memory chips—was also concerned that a prolonged conflict in Iran would lead to higher energy costs and prices after he met with executives from firms such as Samsung Electronics and trade groups.
Moves were not uniformly positive across the broader region. In the Middle East, the Abu Dhabi stock market fell 2. 6% and the Dubai exchange was down 2. 2%. Both exchanges said they would temporarily set a 5% lower price limit on securities.
Wizz Air warns of €50m profit hit as fuel costs rise and flights stay canceled
Market turbulence linked to energy and geopolitics also hit individual companies. Wizz Air, which has canceled flights to and from Israel, Dubai, Abu Dhabi and Amman until 15 March, warned of a €50m (£43m) hit to annual profits, also reflecting the impact of higher jet fuel costs.
That guidance shift means net profits this year are likely to fall below the airline’s previous range of a €25m loss to a €25m profit,. Its London-listed shares fell as much as 6%, and other airline stocks also declined.
Outside Asia, price action in Europe was mixed early on. In London, the FTSE 100 slipped 0. 3% in early trading before later rising 60 points, or about 0. 5%.
For now, vix stock traders are watching whether energy prices keep climbing as the next confirmed date on the calendar is 15 March, when Wizz Air’s current schedule of flight cancellations is set to run through.
