Tensions in the Middle East are casting a shadow over global markets, with oil prices hovering near a critical threshold of $110 per barrel as the clock ticks down to US President Donald Trump’s deadline for Iran to restore access to the Strait of Hormuz.
Investors are bracing for potential repercussions as the Tuesday deadline draws near, with Trump warning of targeted strikes on key civilian infrastructure, including power plants and bridges, if Iran fails to comply.
The price of Brent crude futures has increased by 0.4 percent to $110.19 per barrel, while US West Texas Intermediate crude futures have surged 0.8 percent to $113.31.
Japan’s Nikkei 225 has experienced a volatile session, erasing initial gains to trade 0.2 percent lower, while South Korea’s Kosdaq has declined 0.75 percent as of 02:20 GMT on Tuesday.
Meanwhile, Singapore’s Straits Times Index has also slipped 0.22 percent as of 02:30 GMT.
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