Brent Crude Jumps 6% Weekly, Asian Equities Consolidate Amid Iran Tensions

Brent crude rises 6% to $89/barrel as Iran conflict stalls, causing Asian markets to consolidate after record gains. Investors await key China and US economic data this week.

Woofun AI reports that Asian equity markets entered a consolidation phase on Monday, with investors balancing the impact of rising oil prices against previous week's record global stock market gains. The ongoing stalemate in the Iran conflict has sustained elevated crude oil levels. The Nikkei index initially gained 0.4% before retreating, while the MSCI Asia Pacific ex-Japan index remained unchanged, and Australian resource stocks declined by 0.3%. Brent crude held steady at $89 per barrel, reflecting a 6% weekly increase, while U.S. crude oil decreased 0.3% to $82.12. Market attention is now directed toward China's July economic activity data and the U.S. PMI report scheduled for release this week.