Bettors on prediction market Kalshi<\/a> raised their wagers that the U.S. economy may enter a recession this year, with the likelihood climbing to 32% \u2014 highest level this year.\u00a0\u00a0<\/p>\n International benchmark Brent crude<\/a> jumped 9.22% to close at $100.46 per barrel on Thursday. It was the first time Brent closed above $100 since August 2022. U.S.\u00a0West Texas Intermediate futures<\/a>\u00a0rose 9.72% to settle at $95.73.<\/p>\n Oil prices are likely to remain elevated in the near term as investors price in the risk of a prolonged Middle East conflict, Rob Thummel, senior portfolio manager at Tortoise Capital, told CNBC’s “Squawk Box Asia”<\/a> on Friday. <\/p>\n But he expects prices to ease towards the end of the year as oil flows through the Strait of Hormuz are likely to resume. “By December, that [oil] supply will be better, will be higher so if you can make it in December, you will be able to buy oil much cheaper.” <\/p>\n Stock Chart IconStock chart icon Goldman Sachs analysts forecast Brent to average $98 per barrel in March and April \u2014 up 40% from the 2025 average \u2014 before falling to $71 by the fourth quarter. In the event that oil flows through the strait are disrupted for one month, Brent will likely average higher at $110 in March before gradually falling to $76 by year-end, according to Goldman. <\/p>\n U.S. President Donald Trump has sought to downplay the rise in oil prices, saying that the U.S., as the world’s largest oil producer<\/a>, stands to benefit from higher oil prices<\/a>, while stressing that his priority would be blocking Iran from obtaining nuclear weapons. <\/p>\n Treasury Secretary Scott Bessent said Thursday night that the U.S. would\u00a0temporarily allow the<\/a>\u00a0purchase of sanctioned Russian crude that is already at sea to stabilize energy markets, while framing the price spike as a “temporary disruption.”<\/p>\n Australia’s\u00a0S&P\/ASX 200<\/a> tumbled 0.3% in early Asia trade.<\/p>\n Japan’s Nikkei 225<\/a> dropped 2% while the broad-based Topix fell 1.4%. Honda Motor<\/a> plunged over 6%, the biggest drag on Nikkei, after the automaker forecast its first annual loss<\/a> in almost 70 years. <\/p>\n South Korea’s blue chip Kospi\u00a0slumped almost 3% and the small-cap Kosdaq shed nearly 2%. <\/p>\n Hong Kong’s Hang Seng index<\/a> tumbled 0.2% while mainland China’s CSI 300 index inched 0.3% higher. <\/p>\n Overnight in the U.S., major stock indexes notched closing lows for 2026, with the Dow Jones Industrial Average<\/a>\u00a0falling nearly 740 points to settle below 47,000 for the first time this year. <\/p>\n The\u00a0S&P 500<\/a>\u00a0shed 1.5% to end the session at 6,672.62, while the\u00a0Nasdaq Composite<\/a>\u00a0lost 1.8% to close at 22,311.98. <\/p>\n Futures tied to the 30-stock Dow inched down 0.03%. S&P 500 futures<\/a>\u00a0advanced 0.21%, while\u00a0Nasdaq 100 futures<\/a>\u00a0added 0.12%. <\/p>\n Investors await key U.S. inflation data. Economists polled by Reuters forecast the personal consumption expenditures price index, due to be released on Friday, to have risen 2.9% year on year in January, and the core index is expected to have accelerated to 3.1%. <\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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