Asian stock markets recorded a decline: Crude oil prices rise again due to increasing tension between Iran
Hong Kong. Asian stock markets fell on Thursday due to uncertainty over the averting of the Iran war, while crude oil prices rose. This instability is being seen in the market due to increasing tension between America and Iran. US futures markets also saw a decline of 0.1 percent.
In Asian markets, Japan’s Nikkei fell 0.3 percent, South Korea’s Kospi fell 1.9 percent and Hong Kong’s Hang Seng fell 1.4 percent. China’s ‘Shanghai Composite’ index also declined by 0.6 percent. Australia’s S&P/ASX 200 index fell marginally by 0.2 per cent, while Taiwan’s TAIEX gained 0.4 per cent.
The price of ‘Brent Crude’, the international standard of crude oil, rose by 1.3 percent to reach $ 98.51 per barrel. At the same time, American benchmark crude oil also rose 1.6 percent to $ 91.75 per barrel. This surge in prices has come after Iran rejected America’s ceasefire proposal. The Strait of Hormuz, located between Iran and Oman, is the sea route through which 20 percent of the world’s oil passes.
Due to closure of this route due to war, oil prices have increased by about 40 percent so far. On the other hand, precious metals market witnessed softness. The price of gold fell 0.8 percent to $ 4,513.90 an ounce. Here one ounce is a measurement equal to approximately 28.3 grams. Similarly, the price of silver also declined by 0.9 percent and it came to $ 71.97 an ounce.
Stock market closed due to Ram Navami
Stock and currency markets remained closed on Thursday due to Ram Navami holiday. Traders said that due to holiday there was no trading in the stock markets today. All platforms including currency and derivatives of stock markets remained closed. The interbank currency market also remained closed. Meanwhile, today most of the major Asian stock markets are currently in decline. Traders said that there will be normal trading in the domestic stock markets on Friday.
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