Stock markets across Asia rise as oil prices shoot above $93 a barrel

Major stock markets across Asia rose at the start of the new trading week, as investor optimism around artificial intelligence and easing fears over the global economy lifted sentiment despite stalled US-Iran negotiations.

South Korea’s Kospi index climbed 1.3 percent to a fresh record high after gaining 8 percent last week. Japan’s Nikkei 225 also adavnced 0.5 percent, extending last week’s near 5 percent surge to remain close to all-time highs.

THe gains came even as oil prices continued to rise amid tensions in the Middle East.

Brent crude futures jumped more than 2 percent in early Asian trading, climbing above $93 a barrel.

Investors are closely monitoring developments in the region following Israel’s expanded military operations in Lebanon and ongoing uncertainty surrounding negotiations between the US and Iran .

“While uncertainties remain, the acute risk phase for the global economy should be over if tankers can begin moving again,” Michael Feroli, head of US economics at JPMorgan, told Reuters.

“Still, not everything would return to its pre-conflict place – oil prices are likely to remain elevated for some time, as inventories get rebuilt and the supply infrastructure in the Middle East is repaired,” he added.