Oil Price Surge Lifts Energy Shares, But Global Markets Trade Mixed

Global stock markets were trading mixed on Monday after oil prices rose, boosting energy shares. The CAC 40 in France edged up 0.3% to 8,097.99, while the German DAX added 0.2% to 25,464.53.

The FTSE 100 in Britain rose 0.3% to 10,725.57, but US shares were set to drift lower with Dow futures dipping 0.3% to 51,992.00 and S&P 500 futures shedding 0.4% to 7,770.75.

The Japan Nikkei 225 declined 0.7% to finish at 65,877.62, while Australia's S&P/ASX 200 added 0.2% to 8,679.70. South Korea's Kospi dipped 2.7% to 6,889.74 and Hong Kong's Hang Seng rose 0.5% to 24,642.51.

The Shanghai Composite lost 1.7% to 3,823.62. In energy trading, benchmark US crude gained 3.41% to $95.56 a barrel and Brent crude rose 3.73% to $108.21 a barrel.

Last week, Brent oil momentarily dropped to $97 levels due to uncertainty about the war with Iran allowing oil to flow freely from the Middle East, including access to the Strait of Hormuz.