Oil up on Middle East fighting while AI bulls carry stocks higher

Oil prices rose for a third day running on Wednesday and the dollar was on the brink of breaking the 160 yen barrier as fresh hostilities flared in the Gulf after U.S.-Iran peace talks stalled.



Brent crude futures rose 1% to $94.74 a barrel.



The dollar hit 160 yen, then paused as traders became wary of potential Japanese intervention around that level.



S&P 500 futures were flat and European futures slipped 0.1%, although the AI bull run pushed on unimpeded in Asia, where stock indexes climbed to record highs in Taiwan and Japan. South Korean markets were closed.



The U.S. military said Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or failed as diplomacy between Washington and Tehran made little headway.



Iran and the United States said last week that they had reached a tentative deal to halt the war, but the two sides have yet to sign off on anything.