Asian Stocks Mostly Fall as U.S.-Iran Deal Prospects Dim

Central News Agency, Hong Kong, May 26. Following renewed U.S. airstrikes on Iran, market optimism regarding a potential deal to reopen the Strait of Hormuz has faded, leading to a general decline in Asian stock markets today. International oil prices showed mixed results. According to AFP, since reaching a fragile ceasefire agreement on April 8, the U.S. and Iran have been attempting to negotiate an end to the Middle East war and reopen the critical Strait of Hormuz. However, this optimism was shattered yesterday. The U.S. military announced yesterday that it had attacked missile facilities in southern Iran and struck vessels attempting to lay mines. Brent crude futures, the global benchmark for oil pricing, rose over 2% today, while U.S. benchmark West Texas Intermediate (WTI) crude futures fell by about 5%. Asian stock markets mostly closed lower today, with Tokyo, Shanghai, Kuala Lumpur, Manila, Taipei, and Sydney ending in the red, while Hong Kong closed flat. The Seoul stock market hit a record high after breaking the 8,000-point mark at the opening, closing with a gain of over 2.5%, with South Korean chipmakers, automakers, and shipbuilders continuing to perform strongly. The Bangkok and Wellington markets also closed higher.