Oil prices have surged, and Asian stock markets have been fluctuating in early trading amid uncertainty around the negotiations to end the US-Iran war.
Brent crude futures increased 33 cents, or 0.45%, to $73.28 per barrel as of 03:39 GMT, while U.S. West Texas Intermediate crude increased 34 cents, or 0.49%, to $69.84 per barrel.
“Hormuz continues to reopen, but it is uneven, unpredictable and not fully transparent. Unless there is a new agreement between Washington and Tehran, the market may continue to wait and see before crude oil resumes a downward trend,” Vandana Hari, founder of oil analysis firm Vanda Insights, told Reuters.
Japan’s benchmark Nikkei 225 gained 0.6% to 70,463.72. Australia’s S&P/ASX 200 fell 0.4% to 8,744.50, while South Korea’s Kospi dropped 1.8% to 8,322.39.
The Shanghai Composite Index edged up 0.1% to 4,099.41. Trading was closed in Hong Kong.
“Although oil markets currently expect a gradual return to normal supply, shipping through the Strait of Hormuz has not yet returned to prewar levels,” Tim Waterer, chief market analyst at KCM Trade, told the Associated Press.
