Asian share prices rise moderately as oil prices surge
AP News • • business
Key Points:
- Oil prices surged significantly due to concerns over a prolonged conflict involving Iran, with U.S. crude rising 11.4% to $111.54 per barrel and Brent crude up 7.8% to $109.03 per barrel.
- Asian markets showed mixed reactions amid cautious trading; Japan’s Nikkei 225 and South Korea’s Kospi rose by 1.3% and 3.0% respectively, while China’s Shanghai Composite fell 1.0%, with several regional markets closed for the Good Friday holiday.
- The Strait of Hormuz remains a critical chokepoint for oil supply, especially for Asian countries like Japan, which relies heavily on the route for oil imports, though some nations hope for agreements with Iran to maintain fuel transport access.
- U.S. stock markets ended the week with gains despite initial declines linked to rising oil prices, with the S&P 500 up 0.1% on Friday and marking a 3.4% increase for the week, while Treasury yields and currency markets showed little volatility.
