Asian stock markets rose on Monday amid uncertainty surrounding the Iran war situation and soaring oil prices. Investors were closely watching developments that could impact investments worldwide.
Most Asian stock markets that opened on Monday climbed as investors continued to monitor the Iran war situation, soaring oil prices, and remarks by US President Donald Trump.
Japan's Nikkei 225 index increased nearly 1.1%, closing at 53,692.42 points in the morning, while South Korea's KOSPI rose 1.5%, closing at 5,460.24 points. Trading in Australia was closed for Easter, and Hong Kong and Shanghai markets were closed for the Chinese festival holiday.
Globally, attention focused on President Trump's Tuesday deadline for Iran to open the Strait of Hormuz, amid concerns that violence in the war might escalate afterward. Over the past weekend, President Trump issued further threats against Iran amid regional bombings, while the US assisted two pilots whose fighter jets were shot down by Iran.
Investors remained focused on continuously rising oil prices. US crude oil rose 38 cents to $111.92 per barrel, while Brent crude increased $1.71 to $110.74 per barrel. Although energy markets were closed on Friday, oil prices continued to surge due to worries that the Iran war could last longer than expected.
Although the US imports only a small amount of oil through the Persian Gulf, oil is a global commodity impacting the world economy. Resource-scarce countries like Japan, which imports large quantities of oil, remain heavily dependent on access to the Strait of Hormuz.
Jay Woods, an analyst at Freedom Capital Markets in New York, commented on the current situation: "As the full trading week of April begins, uncertainty stands out. Last year, we were concerned about the impact of tax day, but this year the ongoing Iran war is the main source of uncertainty."
US stock markets were closed last Friday and were scheduled to reopen on Monday. Some European markets were also closed on Friday.
In currency markets, the US dollar edged up slightly to 159.65 yen from 159.63 yen, while the euro declined to $1.1509 from $1.1517.
:AP
Click to read news aboutInternational News