Asia-Pacific markets fell on Monday as investors gauged renewed geopolitical tensions after US President Donald Trump warned Iran to “move quickly”, sparking fears of further escalation in the Middle East and potential disruptions to global oil supplies.
In a post on Truth Social, Trump said Sunday that the “clock is ticking” on Iran and warned that “there will be nothing left” if action is not taken soon, adding that “TIME IS OF THE KEY!” He did not elaborate on the steps he wants Iran to take or the consequences that might follow.
Oil prices rose by more than 1%. International benchmark Brent crude oil futures for July rose 1.77% to trade at $111.19 a barrel. US West Texas Intermediate futures for June rose 2.12% to $107.65 a barrel.
In Australia, the S&P/ASX 200 fell 1.46%. Japan’s Nikkei 225 lost 0.87%, while the Topix was lower by 0.78%. South Korea’s Kospi rose 0.92%, reversing early trading losses, while the small-cap Kosdaq fell 1.63%, SEEbiz reports.
Yields on Japan’s 10-year government bond jumped over 9 basis points to 2.793%, continuing the sell-off as global bond yields rose as inflation fears rose.
Hong Kong’s Hang Seng index fell 1.43%, while the mainland’s CSI 300 fell 0.77%. Taiwan’s Taiex fell 0.96%.
India’s Nifty 50 fell 1.07%.
Tensions between Washington and Tehran remain high despite a fragile truce reached in early April. The US has continued its blockade of Iranian ports, while Iran has kept the Strait of Hormuz closed since the beginning of the conflict.
