Today's Edition
TOKYO (AFP)
Oil prices pared gains on Monday after a spike following fresh threats in the war in the Middle East, while Tokyo and Seoul shares closed higher.
Many markets in Asia and Europe were closed for holidays on Easter Monday, which coincides with China's Qingming Festival.
Crude oil contracts had surged at the week's market opening after US President Donald Trump made a threat to destroy Iran's civilian infrastructure, demanding Tehran bow to his demands for a deal to reopen the Gulf to shipping.
But they fluctuated during the day, and by late afternoon US benchmark West Texas Intermediate had lost 0.7 percent at $110.75 a barrel, while North Sea Brent was up 0.2 percent to $109.20.
Analysts said a report by Axios that said the United States and Iran were discussing terms with regional mediators for a potential 45-day ceasefire had calmed sentiment among investors.
Tokyo closed 0.6 percent higher and Seoul ended the day with gains of 1.4 percent. Among other Asian markets open on Monday, Singapore was up 0.4 percent but Jakarta was down 0.5 percent.
"Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!" Trump wrote on his Truth Social platform on Sunday, later telling Fox News there was a "good chance" Iran would agree to a deal.
Hours later, Iran's central military command warned of "much more devastating" retaliation.
The war, entering its sixth week since the US and Israel first attacked Iran on February 28, has engulfed the Middle East in conflict and upended the global economy.
Iran has virtually blocked the Strait of Hormuz, through which about 20 percent of the world's oil and gas transits, sending petroleum prices skyrocketing.
