Oil Gains on Iran Deadlock, Stocks Drop on Korea: Markets Wrap
A graph tracking the movement of the Nikkei 225 Stock Average displayed outside a securities firm in Tokyo, Japan, on May 8.
Photographer: Kiyoshi Ota/BloombergOil rose after President Donald Trump cast doubt on the Iran ceasefire, fueling concern that the closure of the Strait of Hormuz will be prolonged. Asian stocks retreated after calls in South Korea for a dividend using taxes on AI profits.
Brent crude climbed 1% to $105.30 a barrel as the stalled negotiations between the US and Iran and the continued closure of the strait indicated energy costs would stay elevated. That kept bonds under pressure, with the 10-year Treasury yield rising one basis point to 4.42%. The dollar strengthened against all its Group-of-10 peers on haven demand.