Asia markets set for mixed open as oil falls on Hormuz reopening hopes

Japan’s Nikkei 225 breached 65,000 for the first time Monday, hitting a record high in holiday-thinned Asia trading after reports that the crucial Strait of Hormuz may 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 had told his representatives “not to rush into a deal in that time is on [their] side.”

Oil prices fell more than 5% after Trump’s comments, easing pressure on investors. Prices had climbed sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world’s most important energy waterways.

The West Texas Intermediate futures for July was 4.71% lower at $92.06 per barrel in early Asia trade. Brent crude futures for July fell 4.42% at $98.96 per barrel.

Japan’s Nikkei 225 ended Monday’s session at 2.87% higher at 65,158.19 after hitting an intraday record, while the Topix added 1.29% at 3,942.57.

Taiwan’s Taiex ended 3.26% higher at 43,644.40 after hitting an all-time high.

Australia’s S&P/ASX 200 rose 0.40% to 8,692. China’s CSI 300 added 1.58% to 4,921.6, while India’s Nifty 50 rose 1.09%.

Markets in Hong Kong and South Korea are closed for public holidays. U.S. markets will also be closed Monday for Memorial Day.