Southeast Asian diplomats on Monday urged the U.S. and Iran to continue negotiations after failed weekend talks heightened tensions and rattled global markets, Nikkei Asian Review reported Monday.
This came after Brent crude surged to $102.43 a barrel, while Asian and European equities fell following remarks from US President Donald Trump, including threats of a blockade of the Strait of Hormuz. Washington later put restrictions on vessels departing Iranian ports, reportedly.
ASEAN foreign ministers, meeting virtually for the second time since March 13, welcomed a recent two-week ceasefire but stressed the need for sustained dialogue to achieve lasting peace. The bloc warned that instability is particularly damaging for Southeast Asia, which relies heavily on energy imports transiting the Strait of Hormuz.
Countries including Malaysia, Vietnam and Thailand have been forced to ramp up energy support measures, while the Philippines has declared an energy emergency. ASEAN also discussed setting up a crisis communication mechanism and strengthening coordination on energy and food security ahead of upcoming regional meetings, the Nikkei said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)