Oil prices jump, markets shake amid US-Iran ceasefire uncertainty

Global energy prices surged on Monday as the Islamic Revolutionary Guard Corps announced the imminent closure of the Strait of Hormuz, citing a failure by the United States to adhere to ceasefire conditions. Monday morning saw Brent Crude rising by 4.72 per cent to USD 94.65 per barrel, while West Texas Intermediate (WTI) climbed 5.51 per cent to reach USD 88.47.

The volatility weighed on US equity expectations, with Dow Jones Futures dropping 367.44 points, or 0.74 per cent, in early trade. Gold prices softened slightly, trading at USD 4,807.93 per ounce.

In Asian markets, Japan's Nikkei 225 rose 614.10 points, or 1.05 per cent, to reach 59,090.00. South Korea's KOSPI added 1.32 per cent to 6,273.92, and the Taiwan Weighted index gained 413.85 points to trade at 37,218.19. In Hong Kong, the Hang Seng edged up 0.61 per cent to 26,321.00, while China's Shanghai Composite recorded a 0.52 per cent increase. Conversely, Singapore's Straits Times index saw a marginal decline of 0.06 per cent, according to market data. -- ANI