A Currency trader work at the foreign exchange dealing room of the KEB Hana Bank head quarters in Seoul, South Korea, on 2 November 2016. Japans Nikkei 225 index fell 1.8 percent to 17,118.29 as the yen rose against the U.S. dollar. The Hang Seng of Hong Kong dropped 1.4 percent to 22,819.92 and South Koreas Kospi dropped 1.4 percent to 1,979.13. The S&P ASX/200 of Australia sank 1.2 percent to 5,229.00 and the Shanghai Composite lost 0.5 percent to 3,106.66. Shares also fell in Southeast Asia and Taiwan. (Photo by Seung-il Ryu/NurPhoto via Getty Images)
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Asia-Pacific markets were set to open mixed Monday after reports that the crucial Strait of Hormuz could reopen soon pushed oil prices down and lifted investor sentiment.
PresidentDonald Trump said in a Truth Social post that negotiations with Iran were “proceeding in an orderly and constructive manner,” adding that he has told his representatives “not to rush into a deal in that time is on [their] side.”
Oil prices fell more than 5% following Trump’s comments, bringing some relief to investors. Oil prices had seen a sharp rise after the Trump administration imposed a blockade on Iranian ports, while the Strait of Hormuz, one of the world’s most critical energy waterways, was effectively closed by Tehran.
TheWest Texas Intermediatefutures for June was 5.07% lower at $91.7 per barrel in early Asia trade. ET.Brent crudefutures for July fell 5.12% at $98.24 per barrel.
Japan’sNikkei 225was poised to rise, with the Chicago futures contract at 64,175, compared with the index’s previous close of 63,339.07.
In Australia, futures last traded at 8,627, slightly lower than theS&P/ASX 200′s closed at 8,657.
Markets in Hong Kong and South Korea are closed for a public holiday.
U.S. markets will also be closed on Monday in observance of Memorial Day.
During Friday’s regular session, theDow Jones Industrial Averagegained 294.04 points, or 0.58%, to end at 50,579.70. The 30-stock index hit an intraday all-time high and posted another record close. TheS&P 500rose 0.37% to settle at 7,473.47. TheNasdaq Compositeclimbed 0.19%, ending at 26,343.97.
— CNBC’s Spencer Kimball, Liz Napolitano and Yun Licontributed to this report.
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