Top Shot – U.S. President Donald Trump (left) and Chinese President Xi Jinping arrive for a meeting at Gimhae Air Base adjacent to Gimhae International Airport in Busan on October 30, 2025.
Andrew Caballero-Reynolds | AFP | Getty Images
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
After weeks of insisting that the Iranian ceasefire holds (despite continued military attacks by both sides during the ceasefire period), US President Donald Trump has finally acknowledged something that has become increasingly difficult to ignore: the situation in the region may be deteriorating again.
President Trump has repeatedly asserted that Washington “holds all the cards” against Iran. But with a high-stakes meeting with the Chinese president looming later this week, the next move may not be just the US government’s.
What you need to know today
“Which army are you with?”
Despite repeatedly declaring defeat for Iranian forces and insisting the US “holds all the cards” in the conflict, US President Donald Trump has yet to force Iran into a deal.
He acknowledged on Tuesday that the ceasefire was “on life support” and “incredibly weak,” in the clearest sign yet that tensions in the region could rise after weeks of insisting peace was maintained.
Oil prices reacted immediately. Brent futures rose nearly 3% to over $104 per barrel. U.S. West Texas Intermediate futures for the June contract also rose 3% to close at $98.07 per barrel.
To put things into perspective, oil prices have risen more than 40% since the US-Israel-led war against Iran began on February 28th.
To cushion the impact, President Trump and Congressional Republicans have proposed a temporary suspension of the federal gas tax, hoping to ease the rise in gas prices ahead of the midterm elections.
Still, energy executives warn that even if temperatures in the region cool, the damage to oil flows could outlast the conflict itself.
“Even if the Strait of Hormuz opens today, it will still take several months for markets to regain balance. If the opening is delayed for a few more weeks, normalization could last until 2027,” Saudi Aramco CEO Amin Nasser told investors during the company’s first-quarter results conference.
However, investors appear to have largely avoided these shocks. The S&P 500 and Nasdaq Composite both hit new record highs, further reinforcing Wall Street’s uncanny ability to compartmentalize global crises.
Attention has now shifted to China, with Trump’s true inner circle of powerful CEOs expected to accompany him to his summit with Chinese President Xi Jinping. White House officials said attendees included Tesla CEO Elon Musk, Apple CEO Tim Cook and BlackRock CEO Larry Fink.
Notably absent from the guest list is Nvidia CEO Jensen Huang.
Elsewhere in Asia, Treasury Secretary Scott Bessent is in Japan to meet with Prime Minister Sanae Takaichi and Finance Minister Satsuki Katayama.
According to public broadcaster NHK, the talks are expected to include issues such as Iran, cooperation in rare earth metals, and a weaker yen, suggesting a broader agenda than just the Middle East conflict.
— Lim Huijie
And finally…
Nintendo drops 8% due to Switch 2 price hike and sluggish sales forecast
Nintendo shares plunged on Monday after the gaming giant warned that sales of its flagship Switch 2 console would decline this year and announced a price hike for the device, citing rising memory costs.
Nintendo stock closed 8.4% lower at 7,020 yen (US$44.64) in Tokyo, the lowest since August 2024. The stock price has fallen 34% this year.
On Friday, Nintendo announced price hikes for its Switch 2 console in markets around the world, predicting sales of 16.5 million Switch 2 units in the current fiscal year ending in March 2027, down from 19.86 million units since its launch last June.
— Arjun Karpal
