Oil Prices Decline Ahead of Trump’s Hormuz Deadline
Asian shares were mixed in cautious trading on Tuesday ahead of a deadline set by US President Donald Trump for Iran to reopen the Strait of Hormuz. Oil prices continued to surge, with benchmark US crude jumping $2.37 to $114.78 a barrel, amid uncertainty about the conflict with Iran.
Asian shares were mixed on Tuesday. Japan's Nikkei 225 declined 0.2% to 53,310.30. Australia's S&P/ASX 200 gained 1.5% to 8,706.90. Oil prices surged ahead of Trump's deadline for Iran to reopen the Strait of Hormuz. Benchmark US crude jumped $2.37 to $114.78 a barrel. Brent crude added $1.40 to $111.17 a barrel. The conflict with Iran has shaken the world economy. Iran rejected the latest ceasefire proposal, seeking a permanent end to the war. Talks continue, with Iranian and Omani officials working on a mechanism to administer the strait.
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