Oil Prices Soar Amid US Jobs Report and Strait of Hormuz Closure

Asian markets took a cue from Wall Street's positive trend on Monday, fueled by a US jobs report that reduced expectations of immediate interest rate hikes.

The report also had an impact on oil prices, which rose due to ongoing challenges in Gulf peace negotiations and the closure of the Strait of Hormuz.

The Strait of Hormuz remains closed until the US meets certain conditions, causing Brent crude to increase by 0.9% to $84.32 a barrel.

U.S. crude similarly rose 0.7% to $78.74 a barrel as fuel costs continue to rise.