Trump’s warning to Iran over nuclear talks stirs oil markets amid a quiet Asian trading session due to Lunar New Year holidays.

TOKYO: Oil prices were in focus as US President Donald Trump’s threats towards Iran injected volatility into otherwise subdued markets.

Trump warned Iran of the “consequences of not making a deal” ahead of scheduled talks in Geneva.

The US president has repeatedly threatened military action over Iran’s nuclear programme and its domestic crackdown on protests.

West Texas Intermediate crude cooled after rising more than 1% to near USD 64 per barrel.

Brent crude eased slightly to just under USD 69.

The warning rippled through markets during a quiet start to the week.

Shanghai, Hong Kong, Taipei, Seoul and Singapore remained closed for the extended Lunar New Year holiday.

US markets were set to reopen later after Monday’s break for Presidents’ Day.

Tokyo’s Nikkei 225 closed down 0.4% at 56,566.49 points.

The world’s fourth-biggest economy reported weak growth in the fourth quarter on Monday.

“With the US market closed, the Japanese market is expected to start today with little movement due to a lack of material,” brokerage Monex said.

Gold slid below USD 5,000 per ounce while silver slipped 3%.

Sydney’s market added 0.2% after mining giant BHP reported a hike in half-year net profit.

Bangkok rose 0.5%, shrugging off limp economic growth reported on Monday.

Mumbai and Manila also traded higher while Wellington slid 0.5%.

Traders will also monitor the AI Impact Summit in New Delhi this week.

The five-day summit aims to declare a “shared roadmap for global AI governance”.

US Federal Reserve officials are also scheduled to speak on artificial intelligence.

Anxiety is growing over the societal and environmental risks posed by generative AI.

 The Sun Malaysia