Oil Price Volatility Hits Asian Markets
Asian stocks were mixed on Monday after last week's oil price decline helped US equities close their first winning week in three. Japan's benchmark Nikkei 225 fell by 0.7% to finish at 65,877.62. In contrast, Australia's S&P/ASX 200 rose by 0.2% to 8,679.70.
The Shanghai Composite lost 1.7% to 3,823.62. Brent crude oil prices increased by 2.5% to $106.93 a barrel due to uncertainty over Iran's war and the Strait of Hormuz access. This volatility is causing oil price fluctuations.
Last week, Brent momentarily dropped below $97 per barrel. The US S&P 500 rose by 0.5%, breaking its three-day losing streak marked by big swings in yields from rising bond prices. The Dow Jones Industrial Average increased by 478 points or 0.9% and the Nasdaq composite gained 0.5%