Markets Surge Despite Middle East Tensions

Global markets continued their upward trend on Monday, despite lingering tensions in the Gulf region. Asian stocks followed Wall Street's lead, rising as a weaker-than-expected US jobs report reduced the likelihood of an immediate interest rate hike.

The jobless data nudged borrowing costs lower, which helped fuel the market rally. Meanwhile, oil prices increased due to concerns about supply disruptions in the Middle East. Brent crude rose 0.6% to $84.04 per barrel, while US crude prices climbed 0.5% to reach $78.56 per barrel.

The Iran-Oman deal, which aims to establish new shipping routes through the Strait of Hormuz, is nearing completion. However, Iranian officials emphasized that the passage will only reopen once the US meets certain conditions.

Positive earnings reports from AI sector companies have also contributed to the S&P 500's growth, maintaining Wall Street's rally. The anticipation of the upcoming US consumer price report adds an extra layer of complexity, as investors await a minor rise in inflation that may influence Federal Reserve decisions.