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Business Times
8 hours ago
- Business
- Business Times
Singapore, Asia-Pacific markets fall after US strikes on Iran; oil prices surge, dollar strengthens
[SINGAPORE] Asia-Pacific markets declined in early trade on Monday (Jun 23) morning, as oil prices surged and the greenback reacted, after the US launched strikes against three nuclear facilities in Iran over the weekend. Singapore shares opened Monday lower, with the Straits Times Index (STI) down 0.9 per cent or 35.64 points at 3,847.79 as at 9.01 am. Across the broader market, losers outnumbered gainers 96 to 25 after around 80 million securities worth S$140.2 million changed hands. Thai Beverage was the most actively traded counter by volume. It was down 2.3 per cent or S$0.01 at S$0.435, with some 13.6 million shares changing hands. Other actively traded counters included CapitaLand Integrated Commercial Trust , which was down 0.9 per cent or S$0.02 at S$2.15 and multinational oil exploration and production company Rex International which was up 4.6 per cent or S$0.01 at S$0.23. The trio of Singapore banks were trading lower at open. DBS declined 1.6 per cent per cent or S$0.69 to S$43.19. OCBC slid 0.5 per cent or S$0.08 to S$15.82 and UOB fell 1 per cent or S$0.34 to S$34.55. Japan's Nikkei 225 tumbled 0.69 per cent while South Korea's Kospi fell over 1 per cent. Australia's ASX was down around 0.3 per cent. Oil prices surged in early trade on Monday, with Brent and the main US crude contract WTI both climbing more than four per cent to hit their highest price since January before paring gains. Brent last jumped 2.66 per cent to $79.06 per barrel after 9 am Singapore time and WTI was up 2.75 per cent at US$75.87. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Crude prices had already spiked last week after Israel attacked Iran. Brent has risen 13 per cent since the conflict began on Jun 3, while WTI has gained around 10 per cent, according to Reuters data on Monday. The US dollar index rose nearly 0.4 per cent, strengthening slightly around 0.17 per cent to the Singapore dollar at around S$1.2895, after 9am Singapore time. On Saturday, US President Donald Trump announced strikes against three Iranian nuclear facilities, boosting Israel's efforts to destroy Iran's nuclear programme. This followed more than a week of Israeli air attacks on Iran's nuclear and military facilities and US attempts to persuade Iran to reach a deal to dismantle its nuclear programme. In response, Iran on Sunday threatened US bases in the Middle East, intensifying concern of a deepening of conflict in the region. An adviser to Iran's supreme leader Ayatollah Ali Khamenei Ali said bases used by US forces could be attacked in retaliation given that the US 'has attacked the heart of the Islamic world and must await irreparable consequences'. He warned that countries in the region or elsewhere used by US forces to strike Iran would be considered legitimate targets for Iran's armed forces. Please check back for more updates.
Business Times
9 hours ago
- Business
- Business Times
Asia-Pacific markets fall after US strikes on Iran; oil prices surge, greenback strengthens
[SINGAPORE] Asia-Pacific markets declined in early trade on Monday (Jun 23) morning, as oil prices surged and the greenback reacted, after the US launched strikes against three nuclear facilities in Iran over the weekend. Japan's Nikkei 225 tumbled 0.69 per cent while South Korea's Kospi fell over 1 per cent. Australia's ASX was down around 0.3 per cent. Oil prices surged in early trade on Monday, with Brent and the main US crude contract WTI both climbing more than four per cent to hit their highest price since January before paring gains. Brent was last up 2.4 per cent at US$78.83 per barrel and WTI was up 2.5 per cent at US$75.66. Crude prices had already spiked last week after Israel attacked Iran. Brent has risen 13 per cent since the conflict began on Jun 3, while WTI has gained around 10 per cent, according to Reuters data on Monday. The US dollar index rose 0.3 per cent, strengthening slightly around 0.12 per cent to the Singapore dollar at around S$1.2884, after 8am Singapore time. On Saturday, US President Donald Trump announced strikes against three Iranian nuclear facilities, boosting Israel's efforts to destroy Iran's nuclear programme. This followed more than a week of Israeli air attacks on Iran's nuclear and military facilities and US attempts to persuade Iran to reach a deal to dismantle its nuclear programme. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A senior White House official said that the president decided to proceed with the strikes after becoming convinced that Tehran had no interest in reaching a nuclear agreement. In response, Iran on Sunday threatened US bases in the Middle East, intensifying concern of a deepening of conflict in the region. An adviser to Iran's supreme leader Ayatollah Ali Khamenei Ali said bases used by US forces could be attacked in retaliation given that the US 'has attacked the heart of the Islamic world and must await irreparable consequences'. He warned that countries in the region or elsewhere used by US forces to strike Iran would be considered legitimate targets for Iran's armed forces. Please check back for more updates.
