TOKYO (AP) — Stock markets across Asia displayed varied performance during cautious Tuesday trading, while petroleum prices maintained their upward climb before President Donald Trump’s ultimatum expires for Iran to restore full shipping access through the Strait of Hormuz or face strikes on infrastructure including power facilities and bridges.
Japan’s primary Nikkei 225 index reversed early positive movement to fall 0.2% during morning sessions, settling at 53,310.30. Australia’s S&P/ASX 200 posted a 1.5% increase to reach 8,706.90. South Korea’s Kospi remained nearly flat, dropping less than 0.1% to 5,445.80. China’s Shanghai Composite moved up 0.4% to 3,896.98. Hong Kong markets remained closed due to a holiday.
U.S. markets saw modest upward movement on Wall Street, with the S&P 500 advancing 0.4% following its first positive week in six attempts. The Dow Jones Industrial Average climbed 165 points, representing a 0.4% gain, while the Nasdaq composite increased 0.5%.
Energy markets witnessed significant activity as U.S. benchmark crude oil surged $2.37 to reach $114.78 per barrel. International Brent crude rose $1.40 to $111.17 per barrel. These prices remain substantially elevated compared to approximately $70 before the conflict began.
Petroleum prices have fluctuated dramatically due to uncertainty surrounding the Iranian conflict’s duration and its impact on worldwide oil and natural gas distribution. Iran rejected Monday’s ceasefire proposal, instead demanding a complete end to hostilities.
Singapore-based researchers at Mizuho Bank noted in their Mizuho Daily report that Trump’s recent moves represent “an escalation cycle that has now been extended several times since his first ultimatum in late March.”
“Given the differing perspectives, hopes of a complete resolution to the conflict remains elusive while countries continue to work on bilateral solutions,” the report stated.
During ongoing negotiations, Iranian and Omani representatives continued developing administrative procedures for the strategic waterway that handles one-fifth of global oil shipments during peaceful periods. Iran’s control over this passage has disrupted the worldwide economy.
Overall, the S&P 500 increased 29.14 points to 6,611.83. The Dow Jones Industrial Average added 165.21 points to reach 46,669.88, while the Nasdaq composite rose 117.16 points to 21,996.34.
Bond markets showed Treasury yields remaining relatively stable. The 10-year Treasury yield held at 4.33%, still significantly higher than its pre-war level of 3.97%.
Currency markets saw the U.S. dollar strengthen to 159.89 Japanese yen from 159.62 yen. The euro declined to $1.1529 from $1.1543.
