On Tuesday morning (10 March, 9:34 AM, GMT+7, Bangkok time), major indices in the Asia Pacific tracked gains on Wall Street, with South Korea’s Kospi leading the charge, as investors reacted to a sharp decline in oil prices and renewed optimism following comments from President Donald Trump regarding the Iran conflict.
Trump suggested he was considering action to secure the Strait of Hormuz, a major global oil route, and indicated that the war was nearly finished, calling it “very complete, pretty much”. Meanwhile, he acknowledged that the tension would not be resolved within the week, noting U.S. military objectives were largely met and that the operation was ahead of schedule.
Analysts characterized the current advance as a relief rally, noting that it followed a period of heightened risk aversion rather than signaling a full return to risk appetite.
Van Nostrand, a chief investment officer at Lazard Asset Management, pointed out that markets may be overly optimistic in expecting rapid de-escalation, as previous episodes of Middle East turmoil were resolved more swiftly. He warned that the extended closure of the Strait of Hormuz could have significant and widespread economic repercussions.
Japan’s NIKKEI rose by 3.21% to 54,422.26. South Korea’s KOSPI jumped by 6.07% to 5,570.64, and Australia’s ASX 200 grew by 1.33% to 8,713.50.
As for stocks in China, Shanghai’s SSEC increased by 0.45% to 4,114.87. Shenzhen’s SZI surged by 1.76% to 14,314.36, and Hong Kong’s HSI expanded by 1.43% to 25,771.47.
The U.S. stock markets edged up on Monday as the Dow Jones Industrial Average (DJIA) advanced by 0.50% to 47,740.80. NASDAQ gained 1.38% to 22,695.94, and S&P 500 escalated by 0.83% to 6,795.99. VIX slumped by 13.53% to 25.50.
As for commodities, oil prices registered significant gains on Monday, driven by supply reductions from Saudi Arabia and other OPEC members amid escalating conflict involving the United States, Israel, and Iran. Intraday trading saw oil futures spike by as much as 29% before closing near multi-year highs. At the end of the day, Brent crude contracts finished at $98.96 per barrel, up $6.27 or 6.8%, while U.S. West Texas Intermediate (WTI) futures settled at $94.77, marking a rise of $3.87 or 4.3%.
However, the prices declined on Tuesday, following statements from Donald Trump suggesting that the conflict in the Middle East could conclude soon, calming investor worries about a prolonged impact on global crude supplies.
This morning, Brent crude futures lost $10.36, or 10.47%, to $88.60 per barrel, and the WTI dropped $9.63, or 10.16%, to $85.14 per barrel.
Meanwhile, gold futures soared by 1.63% to $5,186.70 per Troy ounce.
