A cargo ship loads and unloads foreign trade containers at Qingdao Port in Qingdao City, Shandong Province, China, July 28, 2025.
Photo | Future Publishing | Getty Images
Asia-Pacific markets were mostly higher on Tuesday on hopes that a deal between the U.S. and Iranian governments remains possible despite the U.S. blockade on shipping from Iran in the Strait of Hormuz.
The fragile cease-fire agreement between the United States and Iran, although not officially broken, has become seriously fractured, with the United States and Iran accusing each other of violating ceasefire terms.
The United States said on Monday it had begun blocking ships from leaving Iranian ports in the Strait of Hormuz, increasing pressure on Iran to reopen a key oil route following the collapse of peace talks. The lockdown went into effect at 10 a.m. ET.
In response, Iranian officials warned that a U.S. economic blockade would only increase global energy prices.
“Enjoy the current numbers at the pump. The so-called ‘lockdown’ will soon make you nostalgic for $4-5 gas,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf said in Sunday’s X-Post.
of west texas intermediate As of 2:37 a.m. ET, the price was down 1.62% at $97.47 per barrel. brent Crude oil prices fell 0.42% to $98.94 per barrel.
South Korea’s Kospi ended Tuesday’s trading 2.74% higher at 5,967.75, while the small-cap Kosdaq rose 2% to 1,121.88. Japanese Nikkei Stock Average rose 2.43% to 57,877.39, and TOPIX rose 0.87% to 3,755.27.
Australia’s S&P/ASX 200 ended 0.5% higher at 8,970.8. According to a National Australia Bank survey, Australian business confidence fell in March, weighed down by concerns about a war with Iran that triggered a global oil shock, Reuters reported.
Mainland China’s CSI300 index rose 0.59%, while Hong Kong’s CSI300 index rose 0.59%. Hang Seng Index It rose 0.60% in afternoon trading.
China’s export growth lost momentum in March, while imports posted the fastest rise in more than four years as manufacturers faced higher commodity and energy costs linked to supply disruptions in the Middle East.
China’s exports rose 2.5% in US dollar terms from a year earlier, the slowest pace in six months, according to Chinese customs data. The figure was below the 8.6% forecast in a Reuters poll and was a sharp slowdown from the 21.8% total increase recorded in the first two months of the year.
Indian markets were closed due to the holiday.
