Oil rises, stocks diverge on US-Iran deadlock

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  • Oil rises, stocks diverge on US-Iran deadlock

GLOBAL stock markets diverged and oil prices rose on Monday after US President Donald Trump rejected Iran’s terms for ending the war in the Middle East. European stocks traded cautiously, with London edging higher while Paris and Frankfurt fell. That came after a mixed session in Asia, where Tokyo declined and Chinese indices advanced. The stalemate between the US and Iran dashed investors’ hopes of an imminent peace deal and heightened concerns over further violence and disruptions to oil supplies through the Strait of Hormuz. Trump described Tehran’s response to the latest US outline for peace talks as “TOTALLY UNACCEPTABLE” in a brief social media post. Iran said it had demanded the release of its frozen assets and the end of a US blockade of its ports. Oil prices spiked more than four per cent following the exchange, before easing slightly during midday trading in London. “The price of oil remains highly reactive to news around the reopening of the Strait of Hormuz, both positive and negative,” said Kathleen Brooks, research director at trading group XTB. “Signs that tankers are getting through the Strait, even if it is a trickle, could weigh on the oil price in the coming days,” she added. In Asia, Tokyo fell, Hong Kong was little changed and Shanghai jumped more than one per cent. Seoul climbed around four per cent, supported by a rally in tech stocks. A tech-led surge driven by strong quarterly earnings and optimism about artificial intelligence has pushed several markets to record highs despite the Mideast crisis. In Tokyo, Nintendo shares plunged almost 10 per cent after the Japanese gaming giant warned Friday of lower profits this year and said it would hike the price of its Switch 2 console. Investors this week will also be closely watching a highstakes summit between Trump and Chinese President Xi Jinping. — AFP

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