The Singapore stock market is approaching its historical high, with the war enhancing its safe-haven appeal.

The Singapore stock market is approaching its historical high amidst global market turmoil, with the country's assets seen as a safe haven. Since the outbreak of the Iran war in February, which caused a surge in global energy prices, the Singapore stock market has experienced the least impact in the Asia-Pacific region. With the help of the strong Singapore dollar outperforming other Southeast Asian currencies, the Singapore stock market is poised to become the first major Asian market to hit a new high since the outbreak of the war. However, the United States and Iran failed to reach an agreement over the weekend, with President Donald Trump stating that the US will begin a comprehensive blockade of the Strait of Hormuz, laying the groundwork for another round of global market turmoil. The Straits Times Index remains essentially flat from the start of the war, while the MSCI Asia Index is down 4.9%.