Asian stock markets showed modest gains on Monday morning despite ongoing tensions in the Middle East. Japan's Nikkei 225 index rose 0.74% to 58,909.83 points, while South Korea's KOSPI index climbed 0.99% to 6,253.24 points. Australia's S&P/ASX 200 gained 0.17% to 8,931.30 points.
The gains came amid renewed tensions between the United States and Iran following the US seizure of an Iranian cargo ship in the Gulf of Oman on Sunday. Investors continue to monitor the situation in the Strait of Hormuz, a critical shipping route for global energy supplies.
Market analysts note that Asian markets have shown resilience despite the geopolitical tensions. "Investors have become somewhat accustomed to volatility in the Middle East," said financial analyst Michael Chen. "The modest gains suggest cautious optimism rather than outright concern."
Energy stocks showed mixed performance, with some companies benefiting from higher oil prices while others faced pressure from potential supply disruptions. The price of Brent crude oil remained above 00 per barrel as the market assessed the impact of the latest developments.
Looking ahead, analysts expect Asian markets to remain sensitive to developments in the Middle East, particularly any signs of escalation or de-escalation in the Strait of Hormuz standoff.