Global Markets Lower Ahead of Blockade 04/13 04:48

   Oil prices resumed their climb and global markets mostly declined Monday as 
the U.S. military prepared to blockade traffic to and from Iranian ports and 
the Strait of Hormuz, where most shipping has been stalled by Iran since the 
start of the war.

   TOKYO (AP) -- Oil prices resumed their climb and global markets mostly 
declined Monday as the U.S. military prepared to blockade traffic to and from 
Iranian ports and the Strait of Hormuz, where most shipping has been stalled by 
Iran since the start of the war.

   U.S. President Donald Trump announced the planned blockade after U.S.-Iran 
ceasefire talks in Pakistan ended without an agreement, and the U.S. military 
said the blockade involving all Iranian ports would begin Monday at 10 a.m. 
EDT, or 5:30 p.m. in Iran.

   Oil prices have been rising as shipping through the strait has essentially 
stalled since late February. Brent crude oil, the international standard, has 
gone from roughly $70 per barrel before the war in late February to more than 
$119 at times.

   On Monday, benchmark U.S. crude jumped $7.12 or 7.4% to $103.69 a barrel. 
Brent crude, the international standard, rose $7.04 or 7.4% to $102.24 a barrel.

   France's CAC 40 dropped 1.0% to 8,174.44 in early trading, while the German 
DAX lost 1.0% to 23,568.65. Britain's FTSE 100 slipped 0.4% to 10,561.47. U.S. 
shares were set to drift lower with Dow futures down 0.5% at 47,911.00. S&P 500 
futures fell 0.6% to 6,815.50.

   In Asia, Japan's benchmark Nikkei 225 lost 0.7% to finish at 56,502.77. 
Australia's S&P/ASX 200 shed 0.4% to 8,926.00. South Korea's Kospi dipped 0.9% 
to 5,808.62. Hong Kong's Hang Seng slipped 0.9% to 25,660.85, while the 
Shanghai Composite was little changed, inching up less than 0.1% to 3,988.56.

   Analysts said global trading was expected to remain turbulent for some time.

   "The outcome of the talks was not really what people were hoping for, that's 
for certain," Neil Newman, Managing Director, Head of Strategy at Astris 
Advisory Japan, said in Hong Kong.

   "As we stand here at the moment, it doesn't look very nice. Certainly, the 
oil prices are a big concern."

   In currency trading, the U.S. dollar gained to 159.65 Japanese yen from 
159.25 yen. The euro cost $1.1696, down from $1.1729.