Asian shares mostly declined and oil prices surged higher Tuesday as investors eyed risks to the region’s energy supply because of the Iran war.
Shares in South Korea sank 4.8% as markets reopened after a holiday on Monday, to 5,946.06.
Benchmark US crude rose 77 cents to $72.00 a barrel. Brent crude, the international standard, added $1.10 to $78.84 a barrel. They jumped Monday then fell back although still at higher levels than before due to worries that the war could clog the global flow of crude.
Japan’s benchmark Nikkei 225 sank 2.1% to 56,853.48. Like other resource-poor countries in the region, Japan could be especially hit by the lack of access to the Strait of Hormuz since much of its oil and natural gas is shipped through there.
However, analysts say Japan has a sizable stockpile lasting more than 200 days and so the threat is not immediate.
Japanese energy stocks plunged, with Eneos Corp. down nearly 6% and Idemitsu Kosan down nearly 4%. Defense-related issues, which ha​Asian shares mostly declined and oil prices surged higher Tuesday as investors eyed risks to the region’s energy supply because of the Iran war.
Shares in South Korea sank 4.8% as markets reopened after a holiday on Monday, to 5,946.06.
Benchmark US crude rose 77 cents to $72.00 a barrel. Brent crude, the international standard, added $1.10 to $78.84 a barrel. They jumped Monday then fell back although still at higher levels than before due to worries that the war could clog the global flow of crude.
Japan’s benchmark Nikkei 225 sank 2.1% to 56,853.48. Like other resource-poor countries in the region, Japan could be especially hit by the lack of access to the Strait of Hormuz since much of its oil and natural gas is shipped through there.
However, analysts say Japan has a sizable stockpile lasting more than 200 days and so the threat is not immediate.
Japanese energy stocks plunged, with Eneos Corp. down nearly 6% and Idemitsu Kosan down nearly 4%. Defense-related issues, which ha ​Latest News [ SOBAN NEWS: International and National ]
