Asian shares are mixed and oil jumps 4% after Trump rejects Iran’s response to ceasefire proposal
Summary
Asian stock markets showed mixed results after Wall Street hit new records, while oil prices rose more than 4% following President Donald Trump's rejection of Iran's response to a U.S. ceasefire proposal. The situation in Iran and the closure of the Strait of Hormuz are affecting global oil prices and will be discussed in an upcoming meeting between President Trump and Chinese leader Xi Jinping.Key Facts
- Asian shares moved unevenly, with Japan’s Nikkei falling slightly and South Korea’s Kospi rising sharply to record levels.
- Hong Kong’s Hang Seng index dropped a little, while China’s Shanghai index rose after strong factory price and export data.
- Oil prices jumped over 4%, with Brent crude rising to $105.57 per barrel and U.S. crude near $99.89 per barrel.
- President Trump labeled Iran’s response to the ceasefire proposal as “totally unacceptable.”
- The Strait of Hormuz, a key route for oil and gas transport, remains mostly closed due to the Iran conflict.
- The U.S. continues a naval blockade of Iranian ports.
- President Trump and Chinese President Xi Jinping are scheduled to discuss the Iran war, with hopes China might influence Iran toward peace.
- Technology and artificial intelligence sectors helped support stock gains in Japan and South Korea.
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