Asian shares fell on Thursday, while the sell-off in U.S. Treasuries paused and oil prices rose, as investors and traders weighed the latest developments in the Ukraine war and more hawkish comments from U.S. Federal Reserve officials.
Saudi stocks opened the week higher on Sunday following yet another rise in oil prices.
Oil prices shed as much as $4 a barrel on Monday, extending last week's decline as diplomatic efforts to end the war in Ukraine were stepped up and markets braced for higher U.S. rates.
United States President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022.
Oil prices surged to seven-year highs on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
Oil prices fell on Monday based on investor optimism of a resolution to the Ukraine crisis should a meeting take place between US and Russian participants and the likelihood of Iranian oil returning to the market as the nuclear deal nears completion.
Global shares dropped on Friday on rising worries over escalating Ukraine-Russia tensions and the prospect of a tightened interest rate hike timeline from the U.S. Federal Reserve in response to decades-high inflation.
Oil prices bounced back on Tuesday, recovering some of the previous day's losses, as growing tension in Eastern Europe and the Middle East fuelled concerns over possible supply disruptions.
Oil prices on Tuesday climbed to their highest since 2014 as Yemeni popular forces attacked the United Arab Emirates, warning it could target more facilities.
Brent crude futures snapped a 3-day rally on Friday in light trading before the Christmas holidays, but the benchmark ended the week higher, with the market focusing on next steps by Opec+ and the impact of the Omicron variant.
