A cargo ship is loading and unloading foreign trade containers at Qingdao Port in Qingdao City, Shandong Province, China on July 28, 2025.
CFOTO | Future Publishing | Getty Images
Asia-Pacific markets opened higher Tuesday, amid hopes that a deal between Washington and Tehran was still possible even as the U.S. blockades Iranian shipments in the Strait of Hormuz.
A fragile U.S.-Iran ceasefire, while not officially scrapped, has been deeply frayed, with the U.S. and Iran accusing each other of violating the conditions of the truce.
The U.S. on Monday said it began blocking ships from entering or exiting Iranian ports in the Strait of Hormuz, as it seeks to raise pressure on Iran to reopen the key oil route, following the collapse of peace talks. The blockade took effect at 10 a.m. ET.
Iranian officials responded by warning that the U.S. blockade will only drive global energy prices higher.
“Enjoy the current pump figures. With the so-called ‘blockade’, Soon you’ll be nostalgic for $4–$5 gas,” Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, said in an X post Sunday.
The West Texas Intermediate was 2.16% lower at $96.94 per barrel as of 9:31 p.m. ET. Brent crude declined 1.82% to $97.55 per barrel.
Japan’s Nikkei 225 extended early gains to rise 2.43%, while the Topix gained 1.01%.
Australia’s S&P/ASX 200 was 0.53% higher. Australian business confidence in March dropped, weighed by concerns over the Iran war that had led to a global oil shock, according to a survey from National Australia Bank, Reuters reported.
Mainland China’s CSI300 index rose 0.65%, while Hong Kong’s Hang Seng index was 1% higher.
China’s export growth lost momentum in March as manufacturers faced rising commodity and energy costs linked to Middle East supply disruptions, while imports posted their fastest expansion in more than four years.
Exports grew at their slowest pace in six months at 2.5% in U.S. dollar terms last month from a year earlier, Chinese customs data showed. The figure fell short of a Reuters poll forecast of 8.6% and slowed sharply from the combined 21.8% increase recorded in the first two months of the year.
