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Oil
prices have been rising as shipping through the strait has
essentially stalled since late February. Brent crude oil, the
international standard, has gone from roughly $70 per barrel
before the war in late February to more than $119 at times.
On Monday, benchmark U.S. crude jumped $7.12 or 7.4% to $103.69
a barrel. Brent crude, the international standard, rose $7.04 or
7.4% to $102.24 a barrel.
France's CAC 40 dropped 1.0% to 8,174.44 in early trading, while
the German DAX lost 1.0% to 23,568.65. Britain's FTSE 100
slipped 0.4% to 10,561.47. U.S. shares were set to drift lower
with Dow futures down 0.5% at 47,911.00. S&P 500 futures fell
0.6% to 6,815.50.
In Asia, Japan's benchmark Nikkei 225 lost 0.7% to finish at
56,502.77. Australia's S&P/ASX 200 shed 0.4% to 8,926.00. South
Korea's Kospi dipped 0.9% to 5,808.62. Hong Kong's Hang Seng
slipped 0.9% to 25,660.85, while the Shanghai Composite was
little changed, inching up less than 0.1% to 3,988.56.
Analysts said global trading was expected to remain turbulent
for some time.
“The outcome of the talks was not really what people were hoping
for, that’s for certain," Neil Newman, Managing Director, Head
of Strategy at Astris Advisory Japan, said in Hong Kong.
“As we stand here at the moment, it doesn’t look very nice.
Certainly, the oil prices are a big concern.”
In currency trading, the U.S. dollar gained to 159.65 Japanese
yen from 159.25 yen. The euro cost $1.1696, down from $1.1729.
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Associated Press journalist Mayuko Ono contributed to this
report.
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