Oil Climbs, Asian Equities Fall as U.S.-Iran Peace Talks Collapse

Oil rose back above $100 a barrel and Asian equities fell, as the collapse of the U.S.-Iran peace talks poured cold water on hopes of an end to the fighting that has roiled markets, threatening to slow global growth and fuel inflation. Markets reversed the tentative gains made last week after a two-week cease-fire was announced, and President’s Trump ramped-up rhetoric on the Strait of Hormuz—through which one-fifth of the world’s oil and many key commodities are transported—will fuel fears about supply shocks. Stock markets across Asia fell, with Japan’s Nikkei Stock Average losing 1.0%, South Korea’s Kospi dropping 1.2% and Australia’s S&P/ASX 200 benchmark index shedding 0.5%.