Asia Stocks Slip, Oil Jumps as Iran Claims Hormuz Closure — Ship-Tracking Data Offers Additional Context

VG Markets · 2026-07-13T02:46:16Z
Asia Stocks Slip, Oil Jumps as Iran Claims Hormuz Closure — Ship-Tracking Data Offers Additional Context

Asian equities fell Monday and oil surged after Iran claimed to have closed the Strait of Hormuz following fresh U.S.-Iran strikes over the weekend. Brent rose 3.3% to $78.50 per barrel from a recent low of $70.14, while WTI gained 3.4% to $73.83.

Shipping activity in focus: U.S. officials said roughly 20 vessels were escorted through the strait over the past 24 hours, while independent ship-tracking data indicated limited vessel movement. The differing data points continue to provide additional context alongside official statements from both sides.

Asia-Pacific markets:

  1. Nikkei 225: -1.0% (following a 1.7% decline last week)
  2. MSCI Asia-Pacific ex-Japan: -0.2%
  3. Kospi: -0.4%, after falling nearly 8% last week as leveraged positions in semiconductor shares unwound. The index has remained closely watched given its significant exposure to the AI and semiconductor sectors.
  4. S&P 500 futures: -0.3%
  5. Nasdaq futures: -0.5%

Rates and foreign exchange: Fed funds futures now price around 34 basis points of policy tightening by year-end ahead of Fed Chair Kevin Warsh's first Congressional testimony. The 10-year U.S. Treasury yield rose 2 basis points to 4.59%, while the dollar index held near 101.12. USD/JPY gained 0.1% to 161.96, partly reversing Friday's move after Japan's Finance Minister suggested encouraging the Government Pension Investment Fund (GPIF), which manages about ¥1.8 quadrillion in assets, to increase allocations to domestic investments. Analysts noted that any portfolio adjustments would likely take place gradually if implemented.

Elsewhere: SK Hynix's ADR rose nearly 14% on Friday following its Nasdaq debut, which raised US$26.5 billion and marked the largest U.S. listing by a foreign company. The performance highlighted continued investor interest in AI-related semiconductor companies despite broader market volatility.

Upcoming events: Market participants will closely monitor Tuesday's U.S. June CPI release and Fed Chair Kevin Warsh's Congressional testimony for further indications regarding inflation and monetary policy expectations.

Sources: Reuters, CNBC