Asia-Pacific Stocks Open Lower as White House Denies Hormuz Deal, Oil Tops $96
Updated
Updated · CNBC · May 28
Asia-Pacific Stocks Open Lower as White House Denies Hormuz Deal, Oil Tops $96
10 articles · Updated · CNBC · May 28
Japan’s Nikkei 225 fell 0.76% and Australia’s S&P/ASX 200 lost 0.75% after Asia-Pacific markets opened lower on Thursday, with South Korea’s Kospi down 0.29%.
Brent crude rose 1.87% to $96.05 a barrel and WTI gained 1.86% to $90.33 as investors weighed conflicting signals from Iran-U.S. talks under a fragile ceasefire.
Marco Rubio said negotiations had made some progress and the U.S. would give diplomacy every chance, but Donald Trump said he would not allow Iran to control the Strait of Hormuz in any deal.
The White House called a Reuters-cited report of a memorandum of understanding on Hormuz traffic "a complete fabrication," reinforcing uncertainty even as U.S. stock futures edged slightly higher after record closes on Wednesday.
What prevents one miscalculation in the Strait of Hormuz from triggering a full-blown global recession?
Is Iran's control of a shipping lane a greater global threat than its nuclear program ever was?
Oil Prices Plunge Amid 2026 Strait of Hormuz Conflict: Geopolitical Risks and Economic Repercussions
Overview
As of May 27, 2026, global financial markets are highly volatile due to the ongoing three-month conflict in the Strait of Hormuz, a region that previously handled a fifth of the world’s oil and gas traffic. This volatility is driven by the complex interplay of military tensions and fragile diplomatic progress between the United States and Iran. Key obstacles, such as Iran’s nuclear capacity and existing sanctions, continue to hinder peace talks. The delicate geopolitical situation has directly impacted energy markets, causing sharp swings in oil prices and rippling through global equities, especially in Asia-Pacific markets.