Asian shares mark time as Gulf war keeps oil prices up

Business Recorder reported that Asian shares moved sideways on Monday as investors watched oil prices, which climbed last week. Brent crude held at $88.50 a barrel after a 6% weekly gain, while US crude eased 0.3% to $82.12. Progress toward ending the Iran war and restoring tanker traffic through the Strait of Hormuz has remained limited.

Iran told the United States to accept defeat on Saturday, and Trump asked Americans to tolerate costlier fuel while the conflict persists. Israeli attacks in southern Lebanon on Saturday killed at least 11 people, according to the Lebanese health ministry. AMP chief economist Shane Oliver said his base case is a $70-$100 range for oil, with a risk of higher prices as reserves run down.

Regional equities were muted, with MSCI's broadest Asia-Pacific index outside Japan flat and Japan's Nikkei up 0.4%. In the US, S&P 500 futures rose 0.1% after touching a record last week, and traders now see a 69% chance that the Federal Reserve will not lift rates next month following weak data. Gold held at $4,381 an ounce after a 0.8% weekly gain.