Oil Price Volatility Weighs on Asian Markets Amid Ongoing Middle East Tensions
Asian markets traded mixed on Monday after oil prices rose, with some benchmarks showing gains while others dipped. Japan's Nikkei 225 declined by 0.7% to close at 65,877.62, while Australia's S&P/ASX 200 added 0.2% to finish at 8,679.70. South Korea's Kospi dropped 2.7% to 6,889.74, and Hong Kong's Hang Seng rose 0.6% to 24,654.86.
The Shanghai Composite lost 1.7% to 3,823.62 in the region. In energy trading, U.S. crude oil gained 1.98% to $94.24 a barrel, while Brent crude, the international standard, rose 2.5% to $106.93 a barrel.
The price volatility is due to uncertainty surrounding the war with Iran and its potential impact on oil flow from the Middle East. Last week, Brent oil dropped momentarily to $97 levels before rebounding.
On Wall Street, the S&P 500 added 0.5% after breaking a three-day losing streak marked by big swings due to rising bond yields. The Dow Jones Industrial Average jumped 478 points, or 0.9%, and the Nasdaq composite climbed 0.5%.