Asian stocks fall as Brent crude nears record monthly gain

Middle Eastern outlets stress that the Iran war and related attacks, including Houthi strikes on Israel and the Kuwaiti tanker incident, are the main reasons oil is heading for a record monthly rise. They note that higher prices bring short-term revenue gains for some producers but also raise fears of demand damage and political pressure from consuming countries. Commentators in the region watch G7 signals closely, expecting Western governments to seek ways to cool prices without directly confronting Iran.

• •The Iran war is the primary driver of Brent’s record monthly jump.
• •Houthi attacks on Israel and the attack on a Kuwaiti tanker have sharply tightened perceived oil supply.
• •Oil trading above $115 a barrel risks hurting demand in Asia and Europe.
• •Producers in the Gulf benefit from higher prices but face pressure from importers worried about inflation.
• •Any G7 move to steady the oil market is likely to focus on price stability rather than punishing Iran directly.