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Asia markets trade lower as oil rallies after U.S. moves to blockade Iran ports
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Asia-Pacific markets traded lower Monday, as investors weigh a U.S. naval blockade on Iran's ports after talks between Washington and Tehran failed to produce an agreement to end the conflict in the Middle East.
Key facts
- The West Texas Intermediate jumped 7.07% to $103.40 per barrel as of 03:34 a.m
- South Korea's Kospi closed the session at 0.86% lower at 5,808.62, while the small-cap Kosdaq gained 0.57% to 1,099.84 in choppy trade
- Mainland China's CSI300 index ended the session on Monday 0.21% higher, while Hong Kong's Hang Seng index was 1.01% lower in afternoon trade
- India's Nifty 50 was last down 1.04%, while the BSE Sensex fell 1.01%
Summary
The breakdown of negotiations over the weekend in Islamabad reignited worries that the U.S.-Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide. Crude oil prices surged on Sunday after the talks ended without an agreement and the U.S. moved toward a blockade of Iranian port traffic. U.S. President Donald Trump has reportedly weighed resuming airstrikes on Iran, . Japan's Nikkei 225 ended Monday's session 0.74% lower, while the Topix declined 0.45%.