Most Emerging Assets Gain After Hormuz Blockade Spurs Oil Spike

Most emerging-market currencies climbed on Monday after oil retreated from session highs when President Donald Trump said Iran had reached out seeking a deal, even as the US began enforcing a naval blockade in the Strait of Hormuz.

Emerging-market currencies had opened sharply lower following news of the blockade but most pared their declines through the session, led by gains in the Hungarian forint and several Latin American peers. An MSCI index for EM currencies ended the day 0.2% lower, however, after a last-minute adjustment before the close.