Asian stock markets showed mixed performance on Wednesday while oil prices remained volatile, as negotiations between Iran and the United States appeared to stall, with no breakthrough on reopening the Strait of Hormuz.
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The White House said Donald Trump was reviewing Tehran’s latest proposal, which reportedly includes easing restrictions on the waterway in exchange for lifting US sanctions on Iranian ports. However, media reports suggested the president remained sceptical.
Marco Rubio described Iran’s proposal as an improvement but stressed that any agreement must prevent Tehran from advancing its nuclear programme. Meanwhile, Iranian defence spokesperson Reza Talaei-Nik said Washington must abandon what he termed “irrational demands.”
Qatar warned the conflict could become prolonged without a clear resolution, raising concerns of a “frozen conflict.”
Oil markets reacted to the uncertainty, with Brent crude trading around $112 per barrel and West Texas Intermediate crossing $100. Prices have risen steadily over the past week amid fears of prolonged supply disruptions.
Analysts noted that the longer the standoff continues, the greater the strain on global energy systems, with risks to production and storage building over time.
Adding to market developments, United Arab Emirates announced its decision to withdraw from the OPEC and OPEC+ alliances, calling it a strategic move, though the news had limited immediate market impact.
Equity markets across Asia were mixed, with gains in Hong Kong, Shanghai, Jakarta, and Manila, while Sydney, Singapore, Seoul, and Taipei recorded losses. The subdued performance followed a weak session on Wall Street, where tech stocks declined amid reports that OpenAI missed growth targets.
Investors are now focused on upcoming earnings reports from major US firms including Amazon, Google, Meta, and Microsoft.
Attention is also on the Federal Reserve, which is set to conclude its policy meeting, with markets closely watching its outlook on inflation and interest rates amid rising energy costs.
