In early trading, oil prices in Asia fluctuated, possibly supported by ongoing tensions in the Middle East.

Oil prices in Asia have been fluctuating, but may be supported by ongoing tensions in the Middle East that could lead to supply disruptions. Near-month West Texas Intermediate futures rose 0.1% to $62.44 per barrel; near-month Brent crude futures remained largely unchanged at $67.54 per barrel. Taylor Nugent of the National Australia Bank commented that the market is concerned about the US military presence near Iran. The senior economist noted that President Trump reiterated on Tuesday that a "fleet" is heading to the Middle East, adding that he "would rather nothing happen." Nugent also added that the impact of US winter storms may also be at play.