Major Asian stock markets opened in the green on Monday, driven by AI optimism, even as crude oil prices continued to rise amid stalled progress in US-Iran peace talks. Japan’s Nikkei 225 gained 0.5 per cent, building on its strong performance last week when it climbed nearly 5 per cent.
South Korea’s Kospi also hit a new high, rising nearly 1.3 per cent after surging more than 8 per cent in the previous week.
“Despite uncertainties, the acute risk phase for the global economy should be over if tankers can begin moving again,” Michael Feroli, head of US economics at JP Morgan, told reporters on Monday.
“Still, not everything would return to its pre-conflict place— oil prices are likely to remain elevated for some time as inventories get rebuilt and the supply infrastructure in the Middle East is repaired.”
The ongoing deadlock and President Trump’s repeated insistence on new terms regarding uranium enrichment have once again raised uncertainties in global markets and oil trading.
Crude oil prices rose by 2 per cent in early trading, with Brent crude, the international benchmark, now trading at $93 a barrel.
There are chances that prices could surge further in the coming days due to the continued deadlock in peace talks, as reported by both sides and mediators. Investors are closely monitoring the regional situation in the Middle East, with Israel widening its invasion into Lebanon.
Also read: Crude oil prices drop to $91 a barrel
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