Oil prices jumped more than 5% as tensions between Iran and the US disrupted tanker traffic through the Strait of Hormuz.
The waterway was closed again after Tehran reversed its decision to reopen it, while Donald Trump confirmed that the US naval blockade of Iranian ports remains in place.
Brent crude, the global benchmark, rose 5.1% to $95.03 per barrel.
Despite ongoing uncertainty over when shipments from the Middle East will fully resume, Asian equity markets were broadly higher.
European gas prices jumped sharply following a weekend escalation in Middle East tensions.
The benchmark Dutch TTF contract surged as much as 10.9% after Iran reimposed its closure of the Strait of Hormuz and the US intensified its naval blockade.
TTF was last trading at €41 per megawatt hour, rebounding after briefly falling below €40 on Friday—its lowest level since the conflict began—when Iran had signalled it would reopen the waterway.
Prices reversed course after Tehran announced it was closing the strait again, compounded by reports that the US Navy had seized an Iranian vessel on Sunday, further tightening supply concerns.
Japan’s Nikkei 225 gained 0.7% to 58,867.10, while South Korea’s KOSPI rose 0.6% to 6,228.39.
Hong Kong’s Hang Seng Index added 0.7% to 26,353.46, and China’s Shanghai Composite advanced 0.6% to 4,077.55.
Australia’s S&P/ASX 200 edged up 0.1% to 8,953.30, while Taiwan’s Taiex rose 0.4%.
