Oil prices climbed on Monday following a fresh flare-up in hostilities between the US and Iran. Brent crude, the international benchmark, rose about 0.9 percent to $73.21 a barrel for August delivery, as tit-for-tat strikes over the weekend renewed doubts about shipping safety in the Strait of Hormuz.

“Brent’s partial rebound this morning reflects a market that had perhaps run too quickly on ceasefire optimism,” said Fabien Yip, market analyst at IG in Sydney. “Oil had nearly unwound its entire war premium, despite an MoU with no enforcement details. Thursday’s attack on a commercial vessel was a reality check, and this weekend’s exchanges compounded that.”

Asian stock markets were mixed, with losses in Tokyo and Seoul and gains in Hong Kong and Taipei. Japan’s Nikkei 225 fell 0.7 percent, South Korea’s Kospi dropped 1.9 percent. AI-related stocks led declines amid debate over whether tech investments will pay off: SoftBank Group fell 5 percent, Advantest 3.7 percent, Samsung Electronics 5 percent, and SK Hynix 4 percent.

The US Central Command announced strikes against Iran on Friday and Saturday, accusing Tehran of attacking two commercial vessels in the Strait of Hormuz. Iran responded with missiles and drones targeting US military assets in Bahrain and Kuwait.

Multiple media outlets reported Sunday that Washington and Tehran agreed to cease attacks and resume negotiations in Doha on Tuesday. Iran has not yet commented on the reported agreement.

Source: www.aljazeera.com