Asian shares soar after oil price decline in response to the Iran ceasefire
AP News • • business
Key Points:
- Asian stock markets surged significantly following the announcement of a two-week ceasefire between the U.S. and Iran, which included reopening the Strait of Hormuz, a critical oil shipping route.
- Japan’s Nikkei 225 rose 5.0%, South Korea’s Kospi jumped 5.9%, and other major Asian indexes also saw strong gains amid easing geopolitical tensions.
- Oil prices dropped sharply, with U.S. crude falling $16.84 to $96.11 per barrel and Brent crude declining $14.51 to $94.76, reflecting relief over resumed oil passage through the strait.
- Despite optimism, analysts urged caution, noting the ceasefire’s short duration and the need for a sustained peace agreement to ensure lasting market stability.
- On Wall Street, the S&P 500 ended slightly higher, while Treasury yields declined and the U.S. dollar weakened against the yen and euro amid hopes for reduced conflict risk.
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