Asian stock markets are mostly lower on Thursday, following the broadly negative cues from Wall Street overnight, as a fresh spike in oil prices, triggered by attacks on Middle Eastern energy facilities, revived inflation concerns. Report showing stronger-than-expected increase in US producer prices and the US Fed's higher inflation projections dampened bets for near-term interest rate cuts. Asian markets closed mostly higher on Wednesday.
The Middle East war continued to escalate as attacks on the UAE's energy infrastructure heightened fears of prolonged supply disruptions. Iran also launched missile strikes on a Qatari site housing the world's largest LNG facility after an Israeli attack on Iran's South Pars gas field.
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