Japan’s Nikkei 225 tops 65,000 for first time as oil falls on Hormuz reopening hopes
Asia-Pacific markets are expected to open mixed as oil prices decline due to hopes of reopening the Strait of Hormuz. President Trump indicated that negotiations with Iran are progressing, which contributed to the drop in oil prices. This follows a period of rising oil prices due to a blockade on Iranian ports.
- ▪Asia-Pacific markets are set to open mixed on Monday.
- ▪Oil prices fell more than 5% after President Trump's comments on negotiations with Iran.
- ▪The Strait of Hormuz is a critical energy waterway that had been effectively closed by Tehran.
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Asia-Pacific markets were set to open mixed Monday after reports that the crucial Strait of Hormuz could reopen soon pushed oil prices down and lifted investor sentiment.President Donald Trump said in a Truth Social post that negotiations with Iran were "proceeding in an orderly and constructive manner," adding that he has told his representatives "not to rush into a deal in that time is on [their] side." Oil prices fell more than 5% following Trump's comments, bringing some relief to investors. Oil prices had seen a sharp rise after the Trump administration imposed a blockade on Iranian ports, while the Strait of Hormuz, one of the world's most critical energy waterways, was effectively closed by Tehran.
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