Oil pares gains as shares rise in Tokyo, Seoul

OIL prices pared gains yesterday after a spike following fresh threats in the war in the Middle East, while Tokyo and Seoul shares closed higher.

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Many markets in Asia and Europe were closed for holidays on Easter Monday, which coincides with China's Qingming Festival.

Crude oil contracts had surged at the week's market opening after US President Donald Trump made an expletive-laced threat to destroy Iran's civilian infrastructure, demanding Tehran bow to his demands for a deal to reopen the Gulf to shipping.

But they fluctuated during the day, and by late afternoon US benchmark West Texas Intermediate had lost 0.7% at $110.75 (about R1 800) a barrel, while North Sea Brent was up 0.2% to $109.20.

Analysts said a report by Axios that said the US and Iran were discussing terms with regional mediators for a potential 45-day ceasefire had calmed sentiment among investors.