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Oil Surge Lifts Asian Equities as Middle East Tensions Persist

Crude prices climbed Monday after Trump rejected Iran's peace proposal, lifting Asian markets despite concerns over extended regional conflict. South Korea's Kospi reached fresh record levels, closing up 4.24 points. SK Hynix surged over 11 percent, tracking semiconductor strength across the region. Japan's Nikkei 225 experienced choppy trading. Nintendo shares fell over 8 percent as investors reacted to Switch 2 pricing increases and lower console sales projections. Hong Kong's Hang Seng remained flat. Iran's closure of the Strait of Hormuz spiked energy costs, with June West Texas Intermediate futures rising. Israeli leadership indicated military operations remain ongoing as nuclear concerns persist. China's consumer and producer inflation exceeded expectations in April, driven partly by elevated commodity costs tied to Middle East developments.