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(Bloomberg) — Oil climbed and the dollar strengthened as negotiations to extend the US-Iran ceasefire showed few signs of a breakthrough.
Brent crude rose above $93 a barrel, rebounding from its lowest close since mid-April as tensions in the Middle East remained elevated and efforts to reopen the Strait of Hormuz showed little progress. The dollar, the haven of choice since the US-Israel war on Iran started, was slightly stronger against all its Group-of-10 peers. Treasury yields edged up across the curve.
Asian shares rose 0.3%, hovering near a record high, with South Korea — a bellwether for artificial intelligence-related investments — jumping 2.5%. Nasdaq 100 futures gained 0.4% after Wall Street benchmarks closed at records on Friday, buoyed by optimism over a deal and continued enthusiasm for the AI trade.
During the weekend, an Iranian ballistic missile strike on a Kuwaiti air base caused minor injuries to several Americans, while Israel stepped up its offensive against the Tehran-backed Hezbollah in Lebanon. Meanwhile, the US and Iran exchanged messages seeking amendments to a draft agreement that would extend the ceasefire and reopen the Strait of Hormuz, though it remained unclear whether talks were making much progress.
