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      Oil Prices Firm Amid Tensions in the Strait of Hormuz

      Oil prices experienced a slight increase on Monday following a series of tit-for-tat attacks between US and Iranian forces on vessels in the Strait of Hormuz over the weekend. This escalation has contributed to a geopolitical risk premium in the oil market. Iran's top security official, Mohsen Rezaei, announced that Tehran plans to declare a restricted zone near the strait and will introduce a new shipping route agreed upon with Oman in the near future.

      In related developments, OPEC decided to maintain its oil output quotas for October, adhering to its existing strategy for the remainder of the year. Meanwhile, gold prices fell towards the USD 4,400 per ounce mark, influenced by stronger-than-expected US jobs data released on Friday, which bolstered expectations for a potential interest rate hike by the Federal Open Market Committee next week.

      Asian stock markets showed mixed results, with Japanese and South Korean shares rising due to optimism surrounding chipmakers and AI investment demand. The Kospi and Nikkei indices both advanced, led by gains in major companies like Samsung Electronics and SK Hynix. However, Hong Kong's Hang Seng Index declined by more than 1%, reflecting a broader trend of caution in the market. Major foreign exchange markets remained relatively stable, with only minor fluctuations noted.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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