TOKYO — Most Asian markets that were open for trading rose on Monday, as investors continued to closely monitor the war IranThe rise in oil prices and what President Donald Trump might say next.
In Japan, the Nikkei 225 rose 0.7% to 53,514.39 points in afternoon trading. South Korea’s Kospi index rose 1.4% to 5,450.33. Trading was closed in Australia for Easter, and in Hong Kong and Shanghai due to a traditional Chinese holiday.
Trump threatened to severely hit Iran’s critical infrastructure if the country’s government did not reopen the Strait of Hormuz by the deadline he set on Tuesday. But there is no sign that Iran is backing down Closing the strait Critical to global oil supplies.
The market continues to focus on oil prices.
Standard US crude lost 42 cents to reach $111.12 a barrel. Brent crude, the international standard, added 64 cents to $109.67 a barrel. Energy markets were closed on Friday, but prices have risen recently on concerns that the war with Iran will last longer than expected.
The United States depends on the Persian Gulf to obtain only a small portion of its oil imports, but oil is a commodity and its prices are determined on the global market. Some countries, such as resource-poor Japan, import a large portion of their energy needs and rely heavily on access to the Strait of Hormuz.
Japanese Prime Minister Sanae Takaishi recently told lawmakers that Japan will release its reserves and work on alternative methods. The South Korean Ministry of Trade said it plans to send at least five ships to Saudi Arabia in the coming weeks to establish new oil transportation routes in the Red Sea.
“As we begin our first full trading week in April, the word uncertainty is paramount,” said Jay Woods, an analyst at Freedom Capital Markets in New York. “Last year it was the impact of the ‘Liberation Day’ definitions, and this year it is the uncertainty surrounding the ongoing Iranian war.”
US markets were closed on Good Friday and will open on Monday. Some markets in Europe were also not trading on Friday.
In currency trading, the US dollar fell to 159.56 Japanese yen on Monday from 159.63 yen. The price of the euro reached $1.1523, up from $1.1517.
___
Associated Press writers Kim Tong-hyung in Seoul and Matt Ott in Washington contributed to this report.
Yuri Kageyama is in the topics: https://www.threads.com/@yurikageyama