Strait of Hormuz tensions resurface as Nikkei futures approach 60,000 yen

Nikkei futures briefly hit 60,000 yen, but renewed Strait of Hormuz tensions raise concerns about sustained stock market gains. The Nikkei average surged over 1,500 yen last week, surpassing its February high. This rise was fueled by positive news, including expectations of an end to conflict and Iran's pledge to fully open the Strait of Hormuz. However, recent incidents involving tankers and Iran's assertive stance have reignited fears. This, coupled with potential impacts of oil price volatility on corporate earnings, casts uncertainty over the market's upward momentum.