Asian Stocks Rise as Oil Prices Climb Amid Escalating US-Iran Tensions
Asian stocks are poised to open with modest gains on Monday, following a rally in US technology shares last week. Equity-index futures for Japan and South Korea indicate an upward trend at the opening bell, while those for Australia remain steady.
The tech-heavy Nasdaq 100 advanced 0.2% on September 4, and the Philadelphia Stock Exchange Semiconductor Index jumped 3.4%. This has contributed to a positive outlook for Asian markets.
Oil prices have also risen due to renewed concern that escalating US-Iran tensions may disrupt crude supplies. Brent crude climbed 0.5% after Iran targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as several US-linked vessels.
The latest attacks suggest little immediate prospect of an end to the war between the US and Israel launched against Iran more than six months ago. This adds to inflation concerns, making US inflation data this week even more crucial.