Asian markets mixed, oil slips as tech recovery stalls

Asian markets fluctuated on Monday as investors struggled to sustain last week's late tech recovery, while oil prices slipped on news of additional crude supplies passing through the Strait of Hormuz.

After a tough end to June driven by concerns that AI-related valuations may have been overdone, sentiment improved on Thursday following US jobs data that showed fewer-than-expected positions created last month. That eased fears that the Federal Reserve might hike rates soon to curb inflation, sparking a bounce across Asian equities led by Seoul. However, traders remain cautious, and tech stocks saw renewed volatility in early Monday trade.

For energy traders, the oil price dip reflects easing supply disruption fears. The Strait of Hormuz, a key chokepoint for global crude shipments, has seen increased traffic, suggesting that geopolitical risks are not materializing into actual supply cuts. This dynamic weighs on Brent and WTI futures, with the market now watching for any further signals from OPEC+ on production policy. Live fuel prices and charts on NowPrice show how the market is reacting to these crosscurrents.

Looking ahead, the focus shifts to the upcoming corporate earnings season, which will test whether the AI-driven rally has fundamental support. On the macro front, any comments from Fed officials on the labor market data will be closely monitored. For oil, traders will track weekly US inventory reports and any developments in Middle East tensions that could reverse the current supply picture.