Metro
Oil Prices Rise Amid Iran-US Flare Up In Strait Of Hormuz
Global oil prices edged higher on Monday after renewed military exchanges between the United States and Iran reignited concerns over the security of shipping through the strategic Strait of Hormuz. Brent crude, the international oil benchmark, rose about 0.9 per cent to $73.21 per barrel, recovering some losses after weekend……
Global oil prices edged higher on Monday after renewed military exchanges between the United States and Iran reignited concerns over the security of shipping through the strategic Strait of Hormuz.
Brent crude, the international oil benchmark, rose about 0.9 per cent to $73.21 per barrel, recovering some losses after weekend strikes by both countries raised doubts about the durability of recent ceasefire efforts.
Market analyst Fabien Yip of IG said the rebound reflected growing investor concern that optimism surrounding the ceasefire had faded too quickly, noting that attacks on commercial vessels and renewed military action had revived the geopolitical risk premium in oil markets.
The latest tensions followed US strikes on Iranian targets on Friday and Saturday, which Washington said were in response to Iranian attacks on commercial vessels in the Strait of Hormuz, a waterway that carries about one-fifth of global oil and liquefied natural gas trade.
Iran retaliated by launching missiles and drones at US military assets in Bahrain and Kuwait.
Despite the escalation, multiple media reports said Washington and Tehran had agreed to halt further attacks and resume negotiations aimed at ending the conflict.
Talks are reportedly scheduled to take place in Doha, Qatar, on Tuesday, although Iran has not officially confirmed the arrangement.
Meanwhile, Asian stock markets posted mixed performances. Japan’s Nikkei 225 fell 0.7 per cent, while South Korea’s Kospi dropped 1.9 per cent, weighed down by losses in major technology stocks linked to the artificial intelligence sector.
Shares of SoftBank Group, Advantest, Samsung Electronics and SK Hynix all declined sharply amid concerns over whether heavy investment in AI will continue to generate strong earnings.
In contrast, Hong Kong’s Hang Seng Index gained 2.2 per cent, while Taiwan’s Taiex rose 1.4 per cent.
Analysts also attributed part of the market weakness to quarter-end profit-taking after strong gains recorded by major Asian indices earlier in the year.
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