Asian actions fell on the morning of Monday (23) and oil prices briefly reached the maxims in five months, while the world awaits Iran’s response after US attacks on three of its nuclear facilities over the weekend.
In South Korea, the Korea (Kospi) stock pricing index opened down 2,992.20 points after an earlier closure of 3,021.84.
In Tokyo, the Nikkei 225 index fell, dropping 0.95% after the auction opens. Meanwhile, Hong Kong’s Hang Seng opened in 194 points, or 0.82%, to 23,335 points. Already the composite index of Shanghai (SSE) of China opened by drop of 10.44 points, or 0.31%, to 3,349.46 points.
The, still below the initial peaks.
“Iran holds 3% of the global oil supply … But OPEP said it will release the supply, so I think in the short term it will be fine in relation to oil,” Tim Harcourt, chief economist at Sydney Technology, told Reuters.
Access by Ormuz’s Strait, which Iran threatened to close, will be critical. The waterway has only about 33 km wide at its narrower point and receives about a quarter of global oil trade and 20% of liquefied natural gas supply (LNG).
“They (Iran) can certainly have temporary interruptions, but in the end, navigation companies find a way, and there have been attacks on merchant ships in the last 18 months,” Harcourt said.
