Asia stocks jump after Trump suggests Iran war could end in weeks
📖 Full Retelling
The price of Brent crude oil to be delivered in May rose by a record 64% in March as the conflict disrupted energy supplies.
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
Asia stocks jump after Trump suggests Iran war could end in weeks 39 minutes ago Share Save Add as preferred on Google Osmond Chia Business reporter Asian stock markets jumped on Wednesday after President Donald Trump said the US will leave Iran in "two to three weeks" regardless of whether a deal is struck with Tehran. Japan's Nikkei 225 index gained by 4.9%, while the Kospi in South Korea rose by 8.6% in afternoon trading. But both indexes are still trading lower than before the Iran war started on 28 February. The price of Brent crude oil for delivery in June was trading around 1% lower at about $103 (£77.63) a barrel. It comes after the price of Brent to be delivered in May rose by a record 64% in March as Iran threatened to attack vessels using the Strait of Hormuz, effectively shutting the key shipping route. Speaking from the Oval Office on Tuesday, Trump said Iran is "begging to make a deal" but whether it happens or not is "irrelevant" to America's timetable. Earlier, Iranian President Masoud Pezeshkian said his country has the "necessary will" to put an end to the war but demanded certain guarantees to prevent the recurrence of any future aggression. The global benchmark for oil is a contract to buy a barrel of Brent crude one month in the future. When this price rises, it typically pushes up fuel prices too, because oil is a key component. The oil price surge in March was the biggest monthly gain since 1990 when Iraq's invasion of Kuwait took both countries' oil off the market, resulting in an energy supply shock, said Nicolas Daher from the Economist Intelligence Unit. It also raised fears of a widespread oil supply disruption from other Gulf countries, leading to a surge in the cost of energy. This latest spike in prices has been driven by expectations that the conflict will continue until at least the end of April, Daher said. Oil refiners are also bidding more aggressively for crude as they try to boost production as markets around the world are hit b...
Read full article at source