Asia stocks firm, crude hits 5-month high on Iran sanctions report

TOKYO - Asian stocks were steady on Monday as investors awaited the return of major financial markets from the Good Friday holiday, while oil prices spiked on a report the U.S. is likely to ask all importers of Iranian oil to end their purchases or face sanctions.

Equities markets were subdued, with MSCI’s broadest index of Asia-Pacific shares outside Japan trading little changed. “Equities will be looking at further corporate earnings for immediate incentives. While strong economic indicators, particularly from China, have helped sentiment, they have not formed a strong trend,” said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management in Tokyo.South Korea’s KOSPI was almost flat and Japan’s Nikkei shed 0.2 percent.

The euro was little changed at $1.1244, having taken a hit late last week after purchasing managers’ index releases showed weak manufacturing activity in Europe.The Australian dollar, sensitive to shifts in risk sentiment, inched down 0.1 percent to $0.7147.

Iran doesn't really supply the world so using that as an excuse is just wrong. However, American producers that shut down their wells when they feel they're not getting enough money for oil, that's more a reality.

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