Asian shares jump as crude oil rises on Strait of Hormuz deal hopes
Updated
Updated · WGR550 · May 6
Asian shares jump as crude oil rises on Strait of Hormuz deal hopes
11 articles · Updated · WGR550 · May 6
Japan's Nikkei surged 4.6% to 62,243.88, Hong Kong gained 1.2%, Taiwan rose 1.7%, while Brent climbed to $102.29 and US crude to $96.28.
Markets extended Wednesday's global rally after Donald Trump said the strait could be "OPEN TO ALL" if Iran accepts a reported agreement, though he also threatened heavier bombing if it refuses.
The war's effective closure of the strait has disrupted Gulf oil exports, fuelling inflation fears, while strong US earnings from AMD, Disney and Uber also helped push Wall Street to fresh records.
Can the fragile US-Iran truce truly end the energy crisis, or is another oil price shock just one negotiation away?
What unwritten terms in the US-Iran deal could permanently alter global energy markets and alliances?