Traces of a missile fired from Yemen toward Israel seen over Hebron in the West Bank on March 28, 2026.
Wissam Hashramoun | Anadolu | Getty Images
Asia-Pacific markets were roiled in volatile trading on Tuesday as oil prices fell on reports that President Donald Trump is seeking to avoid protracted conflict in the Middle East.
The Wall Street Journal reported Monday evening that President Trump told aides he was prepared to halt U.S. military hostilities against Iran even if the Strait of Hormuz remains largely closed.
West Texas Intermediate futures for May delivery turned higher, falling 0.72% to $102.14 a barrel as of 10:31 p.m. ET. Brent crude oil futures for May also fell, dropping 1% to $111.55 per barrel.
According to the Journal, President Trump and his aides have assessed that operations to reopen key choke points could prolong the conflict by up to six weeks beyond the original war timetable.
“Trump may be forced to wave the white flag in an effort to suppress gas prices and thereby curb inflation before the midterm elections,” said Ben Emmons, chief investment officer at Federal Watch Advisors, adding that with Brent nearing the $120/barrel level, Trump’s “verbal signal” to end the Iran war has become a hot topic.
Emmons said the war is becoming increasingly an “asymmetric” game as the United States leans toward ending the war while Iran continues to impose costs. “Now is the time to consider switching from a war portfolio to a rebound portfolio,” he said.
President Trump has previously threatened to expand attacks on Iranian civilian energy infrastructure, including desalination plants, if Iran fails to reopen the Strait of Hormuz.
Shipping through the Strait of Hormuz, through which one-fifth of the world’s offshore oil passed before the conflict, has virtually ceased since the United States and Israel launched attacks on Iran on February 28.
Excellent company in Korea Kospi fell 2.2%, and the small-cap Kosdaq fell 1.9%. The Korean won fell 0.67% against the US dollar to 1,537.4 won, hovering near its lowest level since 2009.
Japanese Nikkei Stock Average The index fell by 0.13%, while the comprehensive stock index TOPIX reversed its previous decline and traded 0.18% higher.
australian S&P/ASX 200 The index also rose by 0.9%, turning positive.
Hong Kong Hang Seng Index Mainland China’s CSI 300 was little changed, falling 0.3%.
