Asian Stocks Stagnate Amid Ongoing Oil Price Volatility

Asian stocks stalled on Monday as investors weighed rising oil prices against a global equity rally that reached fresh records just last week.

The recent bounce in Asian markets, led by Japan's Nikkei index, has been driven by fading expectations of a Federal Reserve interest rate hike next month. However, with crude oil prices holding steady around $89 a barrel and US crude slipping to $82.12, the question on investors' minds is whether this rally can hold.

The ongoing Iran war continues to weigh on global markets, keeping energy costs elevated. Shane Oliver, chief economist at AMP, believes that oil prices will remain in a range of $70-$100 until a durable peace deal is reached and Middle East oil flows return to normal levels.