Geopolitical risks in the Strait of Hormuz drive Asian equities lower as gold and oil prices climb amid heightened volatility.
Asian markets retreated from record levels Friday as renewed US-Iran tensions in the Strait of Hormuz sparked risk aversion. US Navy destroyers intercepted Iranian attacks, though both sides reported a ceasefire remains in place.
Gold surged above $4,700 per ounce while WTI crude approached $96 per barrel, reflecting investor demand for safe-haven assets. Regional currencies showed mixed reactions, with the Indian rupee weakening slightly and others holding steady.
The pullback follows a period of strong gains in Asian equities, as traders reassess geopolitical risks and their potential impact on global trade routes.