Singapore Shares Open Higher on Hopes of Middle East Crisis Resolution

MT Newswires

08/06

Singapore shares swung to a positive opening on Thursday on hopes of a resolution to the rising oil prices after Iran reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz.

The Straits Times Index opened 0.07%, or 3.91 points higher, at 5,585.28.

According to news reports, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday that a joint announcement for the proposed agreement with Oman is being finalized, provided certain third parties do not interfere. This led to a decline in crude oil prices, including US crude, which edged lower.

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