On Friday, markets across the Asia-Pacific region mostly saw a decline, driven by escalating tensions between Iran and the U.S. amid a delicate ceasefire.
The conflict flared up in the Strait of Hormuz, with both nations accusing each other of initiating the latest confrontation.
Despite the heightened tensions, President Donald Trump reassured that the ceasefire was still intact, describing the recent exchanges as “just a love tap” during a conversation with an ABC News journalist on Thursday evening.
In a follow-up post on Truth Social, Trump asserted that the U.S. had “completely destroyed” the Iranian forces involved, mentioning that small boats and drones were taken down, poetically comparing their descent to “a butterfly dropping to its grave!”
He warned that Iran would face more severe attacks unless they agreed to a nuclear agreement.
“Just as we knocked them out again today, we’ll hit them much harder and more violently in the future if they don’t get their Deal signed, FAST!” Trump emphasized.
Oil futures pared early gains. The West Texas Intermediate futures for June was 0.41% higher at $95.2 per barrel as of 3:35 a.m. ET. Brent crude futures for July gained 0.81% at $100.87 per barrel.
South Korea’s Kospi rose in choppy trade, ending Friday’s session 0.11% higher at 7,498, while the small-cap Kosdaq added 0.71% to 1,207.72.
Japan’s Nikkei 225 slipped 0.19% to 62,713.65 amid some profit-taking after hitting a record high on Thursday. Toyota Motor fell 2.18% after it reported that its fourth-quarter operating profit had slumped 49%, weighed down by U.S. tariffs.
Australia’s S&P/ASX 200 lost 1.51% at 8,744.40.
Mainland China’s CSI 300 index was trading 0.58% lower at 4,871.91, while Hong Kong’s Hang Seng index last traded down 0.85% in the last hour of afternoon trade on Friday.
India’s Nifty 50 declined 0.67%.
