Japan’s Nikkei 225 tops 65,000 for first time as oil falls on Hormuz reopening hopes
Pedestrians walk through a train station on August 05, 2024 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images News | Getty Images
Japan’s Nikkei 225 breached 65,000 for the first time Monday, hitting a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may reopen soon pushed oil prices down and lifted investor sentiment.
President Donald Trump said in a Truth Social post that negotiations with Iran were “proceeding in an orderly and constructive manner,” adding that he had told his representatives “not to rush into a deal in that time is on [their] side.”
Oil prices fell more than 5% after Trump’s comments, easing pressure on investors. Prices had climbed sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world’s most important energy waterways.
The West Texas Intermediate futures for July was 4.47% lower at $92.28 per barrel in early Asia trade. Brent crude futures for July fell 4.13% at $99.26 per barrel.
Japan’s Nikkei 225 rose more than 3% to hit a record of 65,408.87, while the Topix added 1.36%.
Taiwan’s Taiex also hit an all-time high, surging past 43,000. Shares were last at 2.73% higher at 43,420.37
Australia’s S&P/ASX 200 was 0.27% higher. China’s CSI 300 added 0.48%.
Markets in Hong Kong and South Korea are closed for public holidays. U.S. markets will also be closed Monday for Memorial Day.
