Finance

Executive summary

Overnight, Brent crude oil prices rose over 3% to trade around $97-98 per barrel after the U.S. military conducted defensive airstrikes against Iranian military sites near the Strait of Hormuz. This escalation follows conflicting signals regarding potential peace negotiations between the US and Iran, fueling concerns about ongoing disruptions to global energy supplies. The geopolitical developments contributed to a general decline across most Asian equity markets, with Hong Kong's Hang Seng index notably shedding 1.9% and South Korea's Kospi down 1.2%, as investors seek clarity amidst the uncertainty.