Japan’s Nikkei 225 breached 65,000 for the first time Monday, hitting a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may reopen soon pushed oil prices down and lifted investor sentiment.
The index built on Friday’s strength and surged another 1,654.93 points, or 2.7%, to 63,339.07.
In Hong Kong and Korea, markets were closed for holiday.
U.S. President Donald Trump said in a Truth Social post that negotiations with Iran were “proceeding in an orderly and constructive manner,” adding that he had told his representatives “not to rush into a deal in that time is on [their] side.”
Oil prices fell more than 5% after Trump’s comments, easing pressure on investors. Prices had climbed sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world’s most important energy waterways.
The West Texas Intermediate futures for July was 4.71% lower at $92.06 U.S. per barrel in early Asia trade. Brent crude futures for July fell 4.42% at $98.96 per barrel.
In other markets;
In Shanghai, the CSI 300 index gained 76.5 points, or 1.6%, to 4,921.60.
In Taiwan, the Taiex popped 1,376.43 points, or 3.3%, to 43,644.40
In Singapore, the Straits Times 50 index was positive 2.4 points, or 0.1%, to 5,070.55.
In New Zealand, the NZX 50 lost 21.03 points, or 0.2%, to 12,970.28.
In Australia, the AZX 200 jumped 35.01 points, or 0.4%, to 8,692.04.
