On Tuesday (11 August, 9:18 AM, GMT+7, Bangkok time), major indices in the Asia Pacific traded mixed as market participants monitored geopolitical updates from the Middle East. Sentiment across the region was shaped by reports concerning the status of the Strait of Hormuz, a key channel for global oil shipments.
Iran noted progress on negotiations with Oman aimed at resuming full operations in the vital waterway. However, Tehran maintained its stance of not resuming direct talks with the United States. The Iranian government has asserted that discussions with Washington will remain off the table until the U.S. addresses certain prerequisites.
Iran’s Foreign Minister, Abbas Araghchi, stated through local media that negotiations would not restart as long as the United States remained in breach of the memorandum of understanding agreed in June. He indicated that compensation for these violations would be necessary before any dialogue could resume.
Japan’s NIKKEI surged 2.08% to 66,970.22. South Korea’s KOSPI advanced by 0.96% to 6,359.92, and Australia’s ASX 200 increased by 0.24% to 9,254.60.
As for stocks in China, Shanghai’s SSEC fell by 0.41% to 3,950.42. Shenzhen’s SZI contracted by 0.55% to 14,238.27, and Hong Kong’s HSI dipped by 0.04% to 25,926.67.
The U.S. stock markets edged down on Monday as the Dow Jones Industrial Average (DJIA) slid by 0.11% to 53,975.98. NASDAQ shrank by 0.32% to 26,605.35, and S&P 500 declined by 0.06% to 7,753.11. VIX jumped by 3.76% to 15.46.
As for commodities, oil prices settled higher on Monday as tensions between Iran and the United States led to increased uncertainty over the reopening of the Strait of Hormuz. The latest developments saw both countries exchange demands for compensation, reducing chances of a near-term resolution. Brent crude advanced $4.17, or 4.99%, to settle at $87.72 per barrel. U.S. West Texas Intermediate crude finished $3.95, or 5.05%, higher at $82.13 per barrel.
This morning, Brent futures added 13 cents, or 0.15%, to $87.85 per barrel, and the WTI futures gained 19 cents, or 0.23%, to $82.32 per barrel.
Meanwhile, gold futures soared by 1.47% to $4,484.50 per Troy ounce.
