A cargo ship is loading and unloading foreign trade containers at the port of Chengdu in the city of Shandong in China’s Shandong province on July 28, 2025.
CPhoto | Future Publications getty images
Asia-Pacific markets opened higher on Tuesday amid hopes that a deal between Washington and Tehran is still possible even if the US blocks Iranian shipments in the Strait of Hormuz.
A fragile US-Iran ceasefire, although not officially cancelled, has led the US and Iran to accuse each other of violating the terms of the ceasefire.
The United States said on Monday it has started blocking ships from entering or exiting Iranian ports in the Strait of Hormuz, as it seeks to step up pressure on Iran to reopen the key oil route after failed peace talks. The blockade took effect at 10 a.m. ET.
Iranian officials responded by warning that a US blockade would only drive up global energy prices.
“Enjoy the current pump figures. With the so-called ‘blockade,’ soon you will become nostalgic for $4-$5 gas,” Iran’s parliamentary speaker Mohammad Bagher Ghalibaf said in an X post on Sunday.
Investors in Asia will also keep an eye on China trade data later in the day today.
As of 9:31 a.m. ET, West Texas Intermediate was down 2.16% at $96.94 a barrel. Brent crude fell 1.82% to $97.55 a barrel.
from japan Nikkei 225 Early gains were up 2.43%, while Topix was up 1.01%.
Australia’s S&P/ASX 200 was 0.53% higher. Australian business confidence fell in March on concerns over the Iran war, which hit global oil prices, according to a survey by National Australia Bank and Reuters. informed.
Mainland China’s CSI300 index rose 0.65%, while Hong Kong’s Hang Seng index was 1% higher.
