Asian stocks rally, oil rises on Hormuz strikes as Fed bets grow

Asian equities rose broadly Monday, led by South Korea’s Kospi, as technology and semiconductor shares followed gains in U.S. markets; Japan’s Nikkei also advanced, while Chinese markets were little changed and Indian markets pointed to a softer open. SK Hynix and Samsung Electronics were among the biggest gainers, buoyed by strength in U.S. chip stocks and optimism surrounding new artificial-intelligence technology. Oil prices climbed toward $97 a barrel for Brent and above $90 for West Texas Intermediate after the United States and Iran exchanged attacks involving tankers near the Strait of Hormuz, raising concerns about shipping and energy supplies. The escalation added to inflation risks just as stronger U.S. payroll data increased expectations that the Federal Reserve could raise interest rates this month. Investors are now focused on Friday’s U.S. consumer-price report, which could determine whether markets price a September rate increase more aggressively and push bond yields and the dollar higher.