Oil Surges as Saudis Cut Ties With Iran After Embassy Attacked

Oil advanced for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric. Futures rose as much as 3.5 percent in New York, extending Thursday’s 1.2 percent advance. Iran’s Supreme Leader Ayatollah Ali Khamenei warned of repercussions and protesters armed with rocks and firebombs attacked the Saudi embassy in Tehran on Saturday...

Gold Futures Lower, Eyeing Weekly, Monthly, Yearly Loss

February gold was $1.80, or 0.2%, lower at $1,058.20, after ending the previous session at its lowest level in about two weeks. The yellow metal is on pace to cap the week with a 1.5% drop, along with a 0.5% decline in December and a withering 10.5% decline for the year, according to FactSet data. Gold has declined for three straight years, starting back in 2013. That is the longest streak of annual losses for the metal since 1996,...

Yen Near Two-Month High as Saudi-Iran Tension Fuels Haven Demand

The yen traded near a more than two-month high to start 2016 amid demand for haven assets as tensions escalated between Saudi Arabia and Iran after the execution of a prominent Shiite cleric. Japan’s currency held its biggest monthly gain versus the dollar since January 2014 after Saudi Arabia cut diplomatic ties with Iran following an attack by protesters on its embassy in Tehran. Concern that China’s economy remains anemic added to...

Asian Stocks Decline as Investors Weigh Tension in Middle East

Asian stocks fell after Saudi Arabia’s severing of diplomatic ties with Iran weighed on risk appetite, while a surge in crude oil boosted energy producers. The MSCI Asia Pacific Index slid 0.3 percent to 131.57 as of 9:01 a.m. in Tokyo. The yen traded near the highest in more than two months, dragging shares in Tokyo lower. Energy shares advanced after Saudi Arabia expelled the Islamic Republic’s diplomats from the country following...

Japanese Stocks Fall as Investors Weigh Tension in Middle East

Japanese stocks fell on the first trading day of the year as the yen traded near the highest in more than two months and investor appetite waned for risky assets after Saudi Arabia cut diplomatic ties with Iran. The Topix index declined 0.9 percent to 1,533.78 as of 9:01 a.m. in Tokyo as tire makers led losses, while energy explorers rose. The index climbed 9.9 percent last year, its fourth straight year of gains. The Nikkei 225 Stock...