Asia shares bounce, others cautious as oil rises
Asian equities gained as traders weighed higher oil prices and the risk of prolonged disruptions to energy flows through the Strait of Hormuz.
- On Saturday, U.S. Central Command struck three Iranian oil tankers near Kharg Island, prompting Iran to threaten a new restricted zone outside the Strait of Hormuz; Brent crude gained 0.8 per cent to trade near $97 a barrel.
- Maritime intelligence firm Marisks described the attacks as a "major escalation in the maritime conflict," while data from analytics firm Kpler showed average daily commodity ship transits through the Strait of Hormuz fell to 10 over the past 10 days, the lowest since May.
- OPEC+ maintained its current oil output policy during Sunday's meeting, while ANZ analysts expect exports to remain constrained through the rest of 2026 before a gradual reopening late in Q4 2026.
- Asian shares rallied on Monday despite geopolitical turmoil, with the MSCI Asia-Pacific index adding 0.9 per cent; Japan's Nikkei rebounded 2.0 per cent while South Korea rallied 3.0 per cent.
- The European Central Bank is seen as certain to lift rates to 2.75 per cent on Thursday, while investors await Friday's August CPI report with markets pricing a 70 per cent chance of a Federal Reserve hike in October.
10 Articles
10 Articles
Times of India
BizTocOil extends gains after US and Iran strike ships
Oil prices experienced a significant rise on Monday, following a spike in tensions between the US and Iran. The US struck three Iranian oil tankers in a bold move, while Iran responded by targeting US vessels. Maritime intelligence highlighted an alarming escalation with economic repercussions, as shipments through the Strait of Hormuz reached their lowest levels since May.
Channel News Asia
Asia shares bounce, others cautious as oil rises
SYDNEY, Sept 7 : Asian shares rallied on Monday as the robust U.S. jobs report was seen as positive for global growth even as it narrowed the odds on a rise in interest rates, while oil edged higher after the U.S. and Iran attacked ships in the Gulf.Tehran said it will announce a restricted zone outside the S
A video of America targeting Iranian carriers and letters of escalation in the Strait of Hormuz
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