Oil prices and stocks climb as the US-Iran standoff keeps the Strait of Hormuz in limbo
Oil prices surged over 5% as the US-Iran standoff kept the Strait of Hormuz closed, while Asian stocks mostly rose. A fragile ceasefire between the US and Iran is set to expire, escalating tensions in the region.
Oil prices climbed over 5% as a standoff between the US and Iran kept the Strait of Hormuz closed. US benchmark crude gained 6% to $87.51 a barrel, while Brent crude rose 5.4% to $95.26 a barrel. Asian stocks mostly advanced, with Tokyo's Nikkei 225 up 0.6% and Hong Kong's Hang Seng adding 0.7%. A fragile two-week ceasefire between the US and Iran is set to expire, with tensions escalating in the Strait of Hormuz. The US had seized an Iranian-flagged cargo ship, prompting Iran to vow a response. The situation remains uncertain, with oil prices and stocks sensitive to developments.
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