Oil Prices Climb as Yen Firms After BOJ Decision

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On Tuesday, April 28, 2026, oil prices climbed and the yen strengthened as markets absorbed fresh signals from the Bank of Japan and ongoing Middle East tensions. The surge in oil prices and currency shifts underscored deepening inflation concerns.

Oil Prices Rally While Yen Gains Momentum

Oil prices advanced sharply, with Brent crude rising 1% to $109.52 per barrel, reflecting persistent supply disruptions tied to the Strait of Hormuz closure. U.S. West Texas Intermediate followed at $97.47, keeping oil prices well above pre-war levels. The energy market’s resilience highlights a familiar question: how long can supply shocks fuel inflation?

Meanwhile, the yen firmed to 159.12 per dollar after the Bank of Japan held rates at 0.75%, though a notable 6-3 split hinted at tightening ahead. The currency hovered near the critical 160 level, a threshold closely watched for potential intervention.

Markets Navigate Inflation and Policy Signals

Asian equities slipped slightly, with the MSCI Asia-Pacific index down 0.42%, while U.S. futures remained steady. Investors now turn to upcoming central bank decisions, gauging whether policymakers will confront inflation or shield growth as oil prices continue to dominate sentiment.