Trading across Asian markets displayed varied results Monday following another record-setting session on Wall Street, where robust corporate earnings drove major indices to new heights.
Petroleum prices remained relatively unchanged after President Donald Trump announced the United States would assist vessels in navigating through the Strait of Hormuz beginning Monday. While Iran has dismissed this proposal, Trump indicated that diplomatic discussions with Iran might yield favorable results.
U.S. benchmark crude oil dropped 21 cents to reach $101.74 per barrel, while Brent crude, which serves as the global benchmark, increased by 5 cents to $108.19 per barrel.
Future developments largely depend on progress in resolving the Iranian conflict and clearing the shipping bottleneck in the Strait of Hormuz.
According to Stephen Innes from SPI Asset Management, the petroleum market “remains the fulcrum, with hundreds of tankers, bulk carriers, and cargo ships still stranded across the Gulf, idling as storage constraints force producers to shut … production simply because there is nowhere left to store it.”
Trump announced what he termed “Project Freedom” would commence Monday morning in the Middle East region. The U.S. Central Command confirmed the operation would deploy guided-missile destroyers, over 100 aircraft, and 15,000 military personnel, though the Pentagon has not yet responded to inquiries about specific deployment strategies.
Among Asian equity markets, Hong Kong’s Hang Seng index climbed 1.4% to reach 26,135.47.
Both mainland Chinese and Japanese markets remained closed due to “Golden Week” holiday observances.
Australia’s S&P/ASX 200 declined 0.3% to finish at 8,704.70.
Technology stocks experienced heavy purchasing in South Korea, propelling the Kospi index up 3.8%. Taiwan’s Taiex index soared 4.2%.
Last Friday, the S&P 500 advanced 0.3% to establish another record high at 7,230.12, completing its fifth consecutive week of gains.
The Dow Jones Industrial Average fell 0.3% to 49,499.27, while the Nasdaq composite rose 0.9% to achieve a record closing level of 25,114.44.
Apple spearheaded the advance after reporting earnings that surpassed analyst projections. Given its substantial market capitalization on Wall Street, Apple’s 3.3% rally provided the strongest upward momentum for the S&P 500.
Equity valuations typically track corporate earnings trends over extended periods, and American companies have been surpassing profit expectations during the initial quarter of 2026. This performance continues despite the Iranian conflict and elevated oil costs dampening consumer sentiment across many U.S. households.
Approximately one-quarter of S&P 500 companies have already released quarterly results, with 84% exceeding analyst forecasts, according to FactSet data. The index appears positioned to achieve roughly 15% profit growth compared to the previous year.
The primary uncertainty facing the worldwide economy involves future oil price movements due to the Iranian war. Petroleum costs jumped last week amid concerns that the conflict might permanently close the Strait of Hormuz, leaving oil tankers stranded in the Persian Gulf rather than delivering crude to global customers.
Before the war commenced, Brent crude traded slightly above $70 per barrel, and rising prices enabled America’s two largest oil corporations to exceed analyst profit expectations for the recent quarter. However, share prices declined for both Exxon Mobil by 1% and Chevron by 1.4%, as oil prices retreated Friday and both companies reported decreased net income compared to the prior year.
In Monday’s early currency trading, the dollar strengthened to 157.18 Japanese yen from 156.80 yen. The euro weakened to $1.1724 from $1.1746.
