Asian Markets Tumble 1.2% As Brent Crude Hits $121 Per Barrel On Trump’s Iran Blockade
Most Asian indices opened in the red, tracking weak US markets, as Brent crude oil futures climbed to 121 dollars per barrel for the ninth straight day. Japan’s Topix and Nikkei 225 led the declines, with banking stocks like Mizuho falling 4 percent. Markets reacted to reports that President Trump has ordered an extended naval blockade of the Strait of Hormuz until Iran agrees to a nuclear deal.
Most Asian indices opened in the red, tracking weak US markets, as Brent crude oil futures climbed to 121 dollars per barrel for the ninth straight day. |
Mumbai: Most Asian indices were in the red Thursday, tracking the subdued performance of their US counterparts, as crude oil prices climbed for the ninth consecutive day. Japan's broader-market Topix was the worst performer among its peers, followed by the Nikkei 225. Singapore's FTSE Singapore Strait was the only index among its regional peers to be in the green during early trade.
At 0830 IST, the June futures of Brent Crude Oil touched the $121-per-barrel mark as a report by The Wall Street Journal citing unnamed officials said that US President Donald Trump had instructed aides to prepare for an extended blockade of Iran.
Further, Axios reported that Trump had rejected Iran's proposal to reopen the key shipping route Strait of Hormuz and had said the US naval blockade will remain until a deal that addresses US concerns over Tehran's nuclear programme is offered.
As markets in Japan resumed trade after a holiday, the Nikkei 225 shed over 1% as shares of banks and technology stocks dragged down the index. Shares of Mizuho Financial Group Inc. shed over 4%, while those of peers Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group slid 0.8% and 0.6%, respectively.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
RECENT STORIES
-
-
-
-
-