World Shares Mixed on Iran Uncertainty 03/11 04:48

   World shares were mixed on Wednesday as the rally of the past two days faded 
and oil prices resumed climbing with no end to the war with Iran in sight.

   BANGKOK (AP) -- World shares were mixed on Wednesday as the rally of the 
past two days faded and oil prices resumed climbing with no end to the war with 
Iran in sight.

   Oil prices have remained sharply below their peaks near $120 a barrel hit on 
Monday. Such spikes have been rocking financial markets worldwide because of 
worries that the war could block the global flow of oil and natural gas for a 
long time.

   Early Wednesday, the price for a barrel of Brent crude, the international 
standard, had jumped 2.6% to $90.11. U.S. benchmark crude oil was up 3.2% at 
$86.08 per barrel.

   The future for the S&P 500 was flat and that for the Dow Jones Industrial 
Average edged 0.1% lower.

   In Germany, the DAX slipped 1.6% to 23,600.11, while the CAC 40 in Paris 
fell 1% to 7,980.45. Britain's FTSE 100 also shed 1%, to 10,307.63.

   Markets were mixed in Asia, where Tokyo's Nikkei 225 gained 1.4% to 
55,025.37.

   South Korea's Kospi picked up 1.4% to 5,609.95 after gaining more than 3% 
earlier in the day.

   In Hong Kong, the Hang Seng fell back, slipping 0.2% to 25,898.76, while the 
Shanghai Composite index climbed 0.3% to 4,133.43.

   Australia's S&P/ASX 200 rose 0.6% to $8,743.50.

   Taiwan's benchmark climbed 4.1% and the Sensex in India fell 1.5%. In 
Bangkok, the SET gained 0.7%.

   Oil prices plunged Monday afternoon after hitting their most expensive level 
since 2022. Raising hopes the war may end soon, President Donald Trump told CBS 
News he thought "the war is very complete, pretty much."

   However, both sides have since sharpened their rhetoric.

   The U.S. said it took out more than a dozen minelaying Iranian vessels 
Tuesday, and the Islamic Republic vowed to block the region's oil exports, 
saying it would not allow "even a single liter" to be shipped to its enemies.

   One point where Trump has remained clear was his desire to keep the Strait 
of Hormuz open. The war has effectively blocked the waterway off Iran's coast, 
where a fifth of the world's oil sails on a typical day.

   On Tuesday, the S&P 500 dipped 0.2%, a day after its latest wild swings 
caused by extreme moves in the oil market. The Dow fell 0.1% and the Nasdaq 
composite edged less than 0.1% higher.

   Oracle's shares on the Nasdaq surged 12% in premarket trading early 
Wednesday after the company reported its earnings and revenue jumped 20% in the 
last quarter, much better than analysts had forecast.

   Stock markets have a history of bouncing back relatively quickly from 
military conflicts, as long as oil prices don't stay too high for too long. 
Uncertainty about whether that may happen this time around has led to stunning 
swings up and down for markets worldwide, often hour-to-hour.

   If oil prices do stay high for long, household budgets already stretched by 
high inflation could snap under the pressure. Companies would see their own 
bills jump for fuel and to stock items on their store shelves or in their data 
warehouses. It all raises the possibility of a worst-case scenario for the 
global economy, "stagflation," where growth stagnates and inflation remains 
high.

   In other dealings early Wednesday, the dollar rose to 158.46 Japanese yen 
from 158.05 yen. The euro fell to $1.1601 from $1.1610.