Emerging market currencies and equities stalled on September 8 as Brent crude approached $100 per barrel, with the MSCI EM currency index slipping 0.1% after a four-day winning streak. Rising crude prices driven by US-Iran tensions and Strait of Hormuz security concerns have analysts projecting supply disruptions extending into 2027. Heavy oil importers Hungary and India were among the weakest performers in the EM currency space, while exporters like Nigeria and Brazil benefit from improved fiscal balances. US gasoline prices hit record highs above $4 per gallon over the Labor Day weekend.
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