Asia markets rise amid hopes of a U.S-Iran deal, China data in focus
A cargo ship loads and unloads foreign trade containers at Qingdao Port in Qingdao City, China’s Shandong Province, 28 July 2025.
CFOTO | Future Publishing | Getty Images
Asia-Pacific markets opened higher on Tuesday on hopes that a deal between Washington and Tehran may still be possible despite the US blocking Iranian shipments in the Strait of Hormuz.
A fragile US-Iran ceasefire, though not officially canceled, has been deeply frayed, with the US and Iran accusing each other of violating ceasefire conditions.
The United States said on Monday it had begun blocking ships from entering and exiting Iranian ports in the Strait of Hormuz as it aimed to increase pressure on Iran to reopen a key oil route after peace talks collapsed. The blockade came into force at 10:00 in the morning.
Iranian officials responded by warning that the US blockade would only increase global energy prices.
“Enjoy the current pump figures. With the so-called ‘blockade’ you will soon experience the nostalgia of $4-5 gasoline,” Iranian parliament speaker Mohammad Bagher Ghalibaf said in an X post on Sunday.
Investors in Asia will also be watching for Chinese trade data later in the day.
West Texas Intermediate is trading down 2.37% at $96.73 per barrel as of 8 a.m. ET. Brent crude oil fell by 1.82% to $97.51 per barrel.
of japan Nikkei 225 It rose 1.5% while Topix rose 0.74%. Australia’s S&P/ASX 200 index rose 0.88%.
Hong Kong Hang Seng index Futures last traded at 25,924, compared to the index’s last close of 25,660.85.
