TOKYO – Asian markets that were open for trading mostly rose Monday, as investors continued to closely watch the war in Iran, soaring oil prices and what President Donald Trump might say next.
Japan's benchmark Nikkei 225 rose nearly 1.1% to 53,692.42 in morning trading. South Korea's Kospi gained 1.5% to 5,460.24. Trading was closed in Australia for Easter, and in Hong Kong and Shanghai for a traditional Chinese holiday.
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The Tuesday deadline Trump has given for Iran to open the Strait of Hormuz is looming. Some analyst fear the war may escalate after that. Over the weekend Trump made more threats against Iran, even as the bombing continued in the region. The United States rescued two aviators whose fighter jet was shot down by Iran.
The key market focus continues to be on oil prices.
Benchmark U.S. crude gained 38 cents to $111.92 a barrel. Brent crude, the international standard, added $1.71 to $110.74 a barrel. Energy markets were closed Friday, but the prices have been surging lately on fears that the Iran war will drag on longer than expected.
The U.S. relies on the Persian Gulf for only a fraction of the oil it imports, but oil is a commodity and prices are set in a global market. Some nations, like resource-poor Japan, import a large portion of their energy needs and rely heavily on access to the Strait of Hormuz.
“As we kick off the first full trading week of April, the word uncertainty is paramount. Last year it was centered on the impact of ‘Liberation Day’ tariffs, this year it's uncertainty surrounding the ongoing Iranian War,” said Jay Woods, analyst at Freedom Capital Markets in New York.
U.S. markets were closed for Good Friday and will reopen Monday. Some markets in Europe also did not trade on Friday.
In currency trading, the U.S. dollar inched up to 159.65 Japanese yen Monday from 159.63. The euro cost $1.1509, down from $1.1517.
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AP Business Writer Matt Ott in Washington contributed.
Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama