Last Updated:
Oil prices fall as Donald Trump launches Project Freedom to escort ships through the Strait of Hormuz, easing tensions and lifting Asian markets including KOSPI, Nikkei etc.
The West Asia crisis has created a large scale disruption across industries in India
Global oil prices eased after President Donald Trump announced the launch of ‘Project Freedom’ that will help trapped ships to cross the Strait of Hormuz starting Monday and remove the blockade.
“We have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump said in a post on his Truth Social site.
Hundreds of ships and as many as 20,000 seafarers have been unable to transit the strait during the conflict, according to the International Maritime Organization.
Brent oil futures dropped sharply to $107 per barrel, while WTI crude oil futures fell to near $100 per barrel.
Meanwhile, Iran is also seen to resolve the conflict as it said that it will review Washington’s response to its latest 14-point proposal.
Gift Nifty signalled a positive start for domestic markets on Monday morning, trading at 24,240.5 as of 07:24 AM IST, up 93.5 points or 0.39%.
Asian Markets Jump Amid Easing Of Geopolitical Tension
Asian markets traded firmly higher on Monday, tracking positive global cues and improved risk sentiment. South Korea’s KOSPI Composite Index led the gains, jumping 3.44% to 6,825.92, nearing its 52-week high as strong buying momentum persisted across sectors. Japan’s Nikkei 225 also edged higher, rising 0.38% to 59,513.12, supported by steady investor confidence and recent market resilience. Meanwhile, Hong Kong’s Hang Seng Index advanced 1.77% to 26,231.97, reflecting broad-based gains amid easing global concerns.
Read More
Source link
[ad_3]
