Asian markets gain while oil prices keep rising
AP News • • general
Key Points:
- Asian markets mostly rose on Monday, with Japan’s Nikkei 225 up nearly 1.1% and South Korea’s Kospi gaining 1.5%, while trading was closed in Australia, Hong Kong, and Shanghai due to holidays.
- Investors remain focused on the escalating conflict in Iran, particularly with a Tuesday deadline from President Trump for Iran to open the Strait of Hormuz, raising fears of further war escalation.
- Oil prices surged amid the conflict, with U.S. crude rising to $111.92 a barrel and Brent crude reaching $110.74, driven by concerns that the Iran war could prolong and disrupt global oil supply.
- The global market is sensitive to oil supply disruptions due to reliance on the Persian Gulf, especially for energy-importing countries like Japan that depend heavily on the Strait of Hormuz.
- Currency markets saw the U.S. dollar slightly strengthen against the Japanese yen, while the euro weakened marginally against the dollar, reflecting cautious investor sentiment amid geopolitical uncertainty.
.png?format=webp&w=120&h=80)
