Asian equities advanced Monday as global markets extended gains amid cautious optimism over potential peace talks between Iran and the United States, despite Tehran's denial of imminent negotiations. The rally followed record closes for the S&P 500 and Nasdaq in New York, with markets in Tokyo, Hong Kong, Seoul, Shanghai, Sydney, Singapore, Mumbai, Wellington, and Manila all posting gains. A resurgence in tech stocks contributed to the positive sentiment, echoing pre-war market trends since the conflict began on February 28. London, Paris, and Frankfurt, however, ended lower. Oil prices surged, with West Texas Intermediate up 6.5 per cent to $89.27 a barrel and Brent crude rising 6.2 per cent to $95.96 a barrel, following Iran's brief closure of the Strait of Hormuz over the weekend. Iran cited the US blockade of its ports as justification, a move that also reignited tensions despite earlier ceasefire efforts.
The dollar strengthened against major currencies, recovering from Friday's decline, as investors weighed the fragility of the truce. US President Donald Trump claimed in a social media post that a deal was near, stating there were "no sticking points at all," but Iranian state media contradicted this, quoting sources saying there were "currently no plans to participate" in upcoming talks in Pakistan. The Fars and Tasnim news agencies also reported that the atmosphere remained unpromising, with the lifting of the US blockade a precondition for engagement. A single 21-hour negotiating session held in Islamabad on April 11 ended without agreement. Iran's Revolutionary Guards warned that any vessel transiting the Strait of Hormuz without permission would be seen as aiding the enemy and targeted accordingly. Foreign ministry spokesman Esmaeil Baqaei described the blockade as a violation of the ceasefire.
Donald Trump claims a deal with Iran is imminent despite Tehran stating it has no plans to attend talks, exposing a disconnect between perception and reality. The unresolved blockade of Iranian ports remains a barrier to diplomacy, directly affecting the chances of a ceasefire holding. Markets may rally on hope, but the absence of mutual agreement suggests volatility will persist. Nigerian importers reliant on oil shipments face continued exposure to supply shocks without a clear resolution.
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