Stock markets and oil rise ahead of decisive US–Iran talks

Asian stock indices and oil prices rose on April 10 ahead of long-awaited talks between the United States and Iran in Islamabad, which could determine whether the Strait of Hormuz is reopened for critical oil shipments, CNN reports.

As of the morning, Hong Kong’s Hang Seng index was up 1.1%, while China’s Shanghai Composite rose 1%. Japan’s Nikkei 225 gained 1.5%, and South Korea’s Kospi increased by 1.8%.

US West Texas Intermediate (WTI) crude futures rose 0.7% to $98.55 per barrel, while Brent crude, the global benchmark, climbed 0.4% to $96.30 per barrel.

Markets had previously fallen earlier in the week after a ceasefire announcement, before stabilising as investors awaited further clarity on shipping movements through the Strait of Hormuz.

Despite the truce, only limited vessel traffic has resumed, while disagreements over the scope of the ceasefire continue to fuel uncertainty over its durability.