Oil prices surge amid mixed signals on US-Iran peace talks
Oil prices surged five percent on Monday as investors monitored escalating tensions between Iran and the United States, with the ceasefire set to expire on Wednesday.
UK Foreign Secretary Yvette Cooper warned in Japan that the Strait of Hormuz blockade is affecting global energy, economic and national security, emphasising the urgent need to reopen the waterway.
Despite the energy supply concerns, major Asian equity indexes advanced, with South Korean markets recovering losses incurred since the start of the conflict.
Analysts suggest investors may have priced in the worst-case scenario, though any shift in the standoff could trigger fresh volatility across the region.
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