Asia-Pacific markets were mixed in afternoon trade following the latest developments in the Middle East.
Japan’s Nikkei 225 fell 0.8%, while the Topix fell 0.24%.
The Kospi fell by 1.48%, while the small-cap Kosdaq rose by 7.32%. Australia’s benchmark S&P/ASX 200 was higher by 0.38%.
Hong Kong’s Hang Seng index rose 2.13%, while the mainland’s CSI 300 was marginally higher, rising 0.06%.
The US and Iran agreed on Sunday to end hostilities and allow commercial ships free passage through the Strait of Hormuz, after a weekend of military exchanges that threatened to derail talks aimed at ending the conflict.
“Technical talks are planned to continue on all areas of the MoU,” a US official told CNBC on Sunday. “Both sides will withdraw for the time being, and ships may move freely.”
Over the weekend, the US attacked Iranian military targets in retaliation for Iranian attacks in the Strait of Hormuz, SEEbiz reports. President Donald Trump then threatened to destroy Iran, saying in a post on Truth Social: “United States aircraft have just attacked Iran’s missile and drone depots and coastal radar sites for violating the Ceasefire Agreement, AGAIN!”
Crude oil prices rose early in the week as traders assessed whether a pause in hostilities would hold and ease concerns over energy disruptions. The international price of Brent oil rose by 0.67% to 72.47 dollars per barrel. West Texas Intermediate crude futures rose 1.2% to $70.06.
