-- Prudential (SGX:K6S, HKG:2378) bought back 635,107 shares in London on Wednesday at an average price of about 11.05 pounds sterling apiece, according to a Thursday Hong Kong bourse filing.
The insurer intends to cancel the repurchased shares.
Following the transaction, the company will have about 2.52 billion shares in issue.
Crude oil prices rose on Thursday, hitting a four-year high, amid concerns that hostilities in the Middle East may start up again and prolong the supply disruptions in the region.Brent crude at last look jumped 2.9% to US$121.48/barrel and West Texas Intermediate crude climbed 1.5% to $108.51/barrel. This comes after Axios, citing unidentified sources, reported that U.S. President Donald Trump is set to receive a briefing on plans for a series of military strikes on Iran to push for a return to negotiations on its nuclear program, Reuters said in a Thursday report.Additionally, Trump spoke with oil companies about how to mitigate the impact of a possible months-long U.S. blockade, Reuters reported, citing a White House official.Continued price hikes risk a renewed spike in global inflation and higher fuel prices, the report said. "For those who do not think Brent prices have the potential to reach $150 a barrel, you ought to look away now," Reuters quoted John Evans of oil broker PVM as saying."Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim," IG market analyst Tony Sycamore was quoted as saying in a note.