Asian stocks on Thursday fell as oil prices jumped by over 4 per cent after the US-Iran nuclear talks failed, but the ceasefire continued to remain in place. Iran has refused to engage in talks until the United States lifts the blockade of Iran near the Strait of Hormuz while it remains in full control of the Strait.
Brent Crude is once again above $102.47 per barrel, while the US-based West Texas Intermediate also surged 0.7 per cent to $93.65 a barrel on Thursday. Crude prices jumped as much as four per cent in early Asian trade after global security monitors and Iran’s Revolutionary Guard said it seized two cargo ships in the Strait of Hormuz.
Asian markets have also fallen due to the closure of the Strait of Hormuz for the 55th day on Thursday.
The major Asian markets include: Tokyo - Nikkei 225: down 1.1 per cent at 58,952.11; Hong Kong - Hang Seng Index: down 0.9 per cent at 25,926.59; Shanghai - Composite: down 0.1 per cent at 4,100.38; Euro/dollar: UP at $1.1710 from $1.1709 on Wednesday; Pound/dollar: down at $1.3501 from $1.3506; Dollar/yen: down at 159.41 yen from 159.49 yen; Euro/pound: UP at 86.73 pence from 86.70 pence.
The surge in prices is once again causing uncertainty in the global shipping and economic activities of the major Asian economies.
Meanwhile, Iran's parliament speaker said the Islamic Republic would not reopen the Strait as long as the US naval blockade remained, calling it a "blatant violation" of the two countries' ceasefire.
"A complete ceasefire only has meaning if it is not violated through a naval blockade... Reopening the Strait of Hormuz is not possible amid a blatant violation of the ceasefire," speaker Mohammad Bagher Ghalibaf said on X.
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