Stocks and oil prices rise as US and Iran agree to halt attacks
via Punch Nigeria11 min read
Asian stocks largely increased and oil prices saw a modest rise on Monday following reports that the United States and Iran have agreed to cease mutual attacks. This development comes after a weekend of strikes that challenged a fragile truce between the two nations. Investor confidence remains unstable after recent market volatility caused by the Middle East crisis and concerns over a tech bubble fueled by the AI boom. While a deal to end the conflict and reopen the Strait of Hormuz is anticipated, tensions persist. The US Central Command reported attacking 10 Iranian military targets, with Iran retaliating against US bases in Kuwait and Bahrain. Both countries have reportedly agreed to a ceasefire and plan to meet in Qatar for further talks. US President Donald Trump reiterated threats of military action if Iranian strikes continue, while Iran's top diplomat warned against attempts to bypass its preferred route through the strait. A US official confirmed a temporary stand-down, allowing free vessel movement. Iran's foreign ministry also announced its first meeting with Oman regarding waterway management. Meanwhile, equity markets generally closed positively, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Manila, and Bangkok all rising. London and Paris retreated, but Frankfurt edged up. South Korean chip makers SK hynix and Samsung experienced losses, though the government's plan to invest nearly $1.2 trillion in a new chip-building hub and AI data
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