Nikkei 225 Hits Record 64,278.49 as Oil Drops More Than 5% on Hormuz Reopening Hopes
Updated
Updated · CNBC · May 25
Nikkei 225 Hits Record 64,278.49 as Oil Drops More Than 5% on Hormuz Reopening Hopes
1 articles · Updated · CNBC · May 25
Japan's Nikkei 225 rose 1.48% to a record 64,278.49 on Monday, crossing 64,000 for the first time in holiday-thinned Asian trading.
Oil prices fell sharply after Donald Trump said Iran negotiations were proceeding "in an orderly and constructive manner," boosting hopes the Strait of Hormuz could reopen soon.
West Texas Intermediate for July dropped 4.52% to $92.23 a barrel and Brent fell 4.51% to $98.87, easing pressure after the recent blockade of Iranian ports and effective Hormuz closure.
The relief tone spread unevenly across the region: Japan's Topix gained 0.65%, Australia's S&P/ASX 200 was flat, while Hong Kong and South Korea were shut for holidays.
The move followed fresh U.S. records on Friday, with the Dow closing above 50,000 as investors tracked whether lower energy prices can sustain the broader risk rally.
With conflicting reports from the US and Iran, is the record stock market rally built on a fragile peace?
As a deal is framed, who truly controls the world’s most vital oil chokepoint: negotiators or naval blockades?
Will the Hormuz crisis permanently rewrite the rules of international law for all global maritime trade routes?