Asia Stocks Rise with Oil as US Tech Shares Climb

Asian stocks rose on Monday following gains in US technology shares over the weekend. Benchmark indexes in Japan and South Korea gained, while those for Australia were largely unchanged.

The Nasdaq 100 Index advanced 0.2% on Friday, and the Philadelphia Semiconductor Index jumped 3.4%. US Treasuries saw no cash trading due to a public holiday on Monday.

Oil prices climbed after Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as several US-linked vessels, in retaliation for American attacks on Iranian tankers. Brent crude rose 0.4% following the announcement.

The latest attacks suggest little immediate prospect of an end to the war between the US and Iran, adding to inflation concerns. The US is set to release its August CPI print on Friday, which could influence Federal Reserve interest-rate hike expectations.