TOKYO (AP) 鈥� Asian shares mostly rose Monday and oil prices plunged after U.S. President Donald Trump said with Iran are progressing.
Japan’s benchmark Nikkei 225 surged 3.1% in morning trading to 65,321.56. Australia’s S&P/ASX 200 added 0.4% to 8,692.70. The Shanghai Composite edged up 0.4% to 4,127.53.
Trading was closed in South Korea and Hong Kong for holidays marking Buddha’s birthday. Trading will be closed in the U.S. on Monday for Memorial Day.
Trump said negotiations with Iran were 鈥減roceeding in an orderly and constructive manner.鈥� Meanwhile, regional officials told The Associated Press on Sunday that the United States with Iran , reopen the and see Iran give up its stockpile of ,
Reopening the Strait of Hormuz will help decide the direction of oil prices. The closure has prevented oil tankers from exiting the Persian Gulf and delivering crude to customers worldwide. Japan, for instance, imports almost all its oil, most of it through the strait.
鈥淢arkets are rapidly transitioning from pricing geopolitical fear toward pricing a potential peace dividend as Hormuz reopening expectations pressure oil and the dollar lower,鈥� analyst Stephen Innes said in a commentary.
Early Monday, benchmark U.S. crude was down $4.35 at $92.25 a barrel. Brent crude, the international standard, sank $4.16 to $99.38 a barrel.
In currency trading, the U.S. dollar declined to 158.80 Japanese yen from 159.16 yen. The euro cost $1.1641, up from $1.1605.
Friday On Wall Street, stocks finished their eighth straight winning week, the best such streak since . That鈥檚 even though a survey showed U.S. .
The S&P 500 added 0.4% and pulled closer to its set in the middle of last week. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite gained 0.2%.
Recent earnings reports from U.S. companies that topped analysts鈥� expectations also helped markets. But worries about have pushed .
The yield on the 10-year Treasury edged down to 4.56% Friday from 4.57% late Thursday, but it remains well above its 3.97% level from before the war.
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AP Business Writer Stan Choe contributed to this report.
Yuri Kageyama is on Threads:
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