Asian shares gain after US-Iran ceasefire
Asian shares rallied sharply in Wednesday morning trading as oil prices tumbled following a two-week ceasefire agreement between the U.S. and Iran, which includes reopening the Strait of Hormuz.
Crude prices fell dramatically, with West Texas Intermediate losing nearly 20% and Brent dropping as much as 16%, as investors reacted to the easing of tensions after more than five weeks of war that disrupted global supply chains, News.Az reports, citing foreign media.
The relief sparked a surge in equities, driven by hopes that the crisis, which has rattled the global economy for over a month, may be nearing resolution.
Markets opened strongly across the region: Seoul rose more than 6%, Tokyo climbed over 5%, and Taipei added 4.2%. Sydney and Hong Kong both gained more than 2%, while Shanghai, Mumbai, Bangkok, Manila, Jakarta, Singapore, and Wellington also saw significant gains.
News.Az
By Nijat Babayev
