By Mardiyyah Abubakar
Oil prices rose on Tuesday after a sharp decline, while most global stock markets recorded gains as investors monitored developments in US-Iran relations and renewed optimism on Wall Street.
Crude prices briefly gained about one per cent after falling five per cent on Monday.
Traders reacted to hopes that the United States and Iran could reach an agreement to reopen the Strait of Hormuz, a major route for global oil and liquefied natural gas supplies.
US President Donald Trump said talks with Iran were ongoing, despite Tehran’s denial. Iran, however, confirmed discussions with Oman aimed at securing safe passage through the strategic waterway.
Brent crude rose 1.1 per cent to $84.66 per barrel, while West Texas Intermediate gained 0.4 per cent to $80.70 per barrel.
Stock markets also recorded broad gains after a positive session on Wall Street. The Dow Jones Industrial Average closed at a record high, supported by strong gains in Amazon, which surpassed a $3 trillion market value.
Asian markets were mixed. Tokyo, Shanghai, Sydney, Singapore, Wellington and Jakarta advanced, while Hong Kong, Taipei, Mumbai and Manila declined. European markets in London, Paris and Frankfurt also opened higher.
In South Korea, the Kospi gained more than one per cent as technology giants Samsung and SK hynix recovered after recent losses linked to concerns over artificial intelligence investments.
Investors are now awaiting key US jobs data and major corporate earnings reports, which could influence the Federal Reserve’s next decision on interest rates.
