Oil Prices and US Jobs Report Fuel Asian Market Surge

Asian share markets rose on Monday, mirroring Wall Street's upward trend. This was largely due to a U.S. jobs report that softened the likelihood of immediate interest rate hikes.

The jobs report led to an increase in fuel costs, pushing oil prices up further. Brent crude saw a 0.9% rise to $84.32 a barrel, while U.S. crude increased by 0.7% to $78.74 a barrel.

Analysts expect the July consumer price report on Wednesday to show a 0.1% headline rise and a 0.2% core rise. Any unexpected changes may reignite speculation over a potential Federal Reserve interest rate hike next month.