Asian shares reach historic highs, oil jumps on Middle East tensions

Asian share markets reached their all-time high records on Monday. The series of gains came after vaccine rollouts across the globe and Washington’s stimulus package supported investors’ outlook for the global economy. Meanwhile, oil prices were seen upbeat as tensions emerged in the Middle East.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%. Japan’s Nikkei traded positively, gaining 0.9% even after the country released subdued economic figures.  Australian shares jumped 0.9% as S&P 500 e-minis advanced 0.3% during their early trade.

Investors’ upbeat sentiment was heavily fueled by vaccine rollouts across the globe and fiscal spending under U.S. President Joe Biden. Oil prices, on the other hand, advanced to their highest since January 2020 as tensions between Saudi and Iran supported the performance.