Asia-Pacific markets were mostly higher Monday as investors looked past diplomatic setbacks between the U.S. and Iran, even as Middle East worries kept oil prices elevated.
The Nikkei 225 ballooned 821.18 points, or 1.4%, to end the first session of the week at 60,537.36, a record high.
In Hong Kong, the Hang Seng dipped 52.42 points, or 0.2%, to 25,925.65,
Though uncertainty looms large, Iran has offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred, Axios reported Monday.
Sentiment held up despite U.S. President Donald Trump on Saturday scrapping plans to send U.S. envoy Steve Witkoff and Jared Kushner to Islamabad, Pakistan for negotiations with Iran.
Tensions in the Strait of Hormuz remain high after Iran’s Revolutionary Guard reportedly boarded two cargo ships near the strategic sea lane.
International benchmark Brent oil futures rose more than 2% to $107.49 per barrel late Sunday while U.S. crude oil also jumped 1.79% to $96.19.
CHINA
The CSI 300 index in Shanghai eked up 1.58 points to 4,770.95, after China’s industrial profits jumped 15.8% from a year earlier in March, accelerating from the 15.2% surge in the first two months of this year.
In other markets
In Taiwan, the Taiex popped 684.23, or 1.8%, to 39.616.63
South Korea’s Kospi climbed 139.4 points or 2.2%, to 6,615.03
In Singapore, the Straits Times Index subtracted 30.13 points, or 0.6%, to 4,892.73
In Australia, the AZX 200 erased 20.17 points, or 0.2%, to 8,766.36.
Markets in New Zealand were shuttered for holiday.
