In a bustling foreign exchange dealing room at Hana Bank’s headquarters in Seoul, currency traders closely observed exchange rates on May 15, 2026. The scene was set against the backdrop of a significant day in the financial markets following a public holiday in South Korea.
On this day, South Korea’s Kospi soared to new heights, buoyed by investor optimism surrounding potential progress in the peace dialogue between the United States and Iran. President Donald Trump had earlier expressed a positive outlook on the negotiations, describing them as “proceeding nicely.” Yet, he cautioned that the United States was prepared to resume attacks should the talks falter.
The oil market reacted with mixed signals following Trump’s remarks. West Texas Intermediate futures for July saw a decline, dropping by 5.24% to $91.54 per barrel by 11:45 p.m. ET. In contrast, Brent crude, the global benchmark, experienced an uptick, rising 1.80% to reach $97.87 per barrel.
Despite the optimism, the complex dynamics between the U.S. and Iran were underscored by military actions. The U.S. Central Command carried out “self-defense strikes,” targeting Iranian missile sites and boats engaged in mine-laying activities in southern Iran, highlighting the fragile state of the negotiations.
Oil prices were mixed after Trump’s comments. West Texas Intermediate futures for July fell 5.24% to $91.54 per barrel as of 11:45 p.m. ET. International benchmark Brent futures for July rose 1.80% to $97.87 per barrel.
Signaling the precarious nature of the Washington-Tehran engagement, the U.S. Central Command conducted “self-defense strikes” targeting Iranian missile launch sites and boats attempting to lay mines in the south of the Islamic Republic.
Meanwhile, Tehran appears to be “blinking” over the Strait of Hormuz, ex-CIA Director David Petraeus told CNBC’s Lisa Kim at the UBS Asian Investment Conference on Monday.
South Korea’s Kospi rose to a fresh high of 8,094.90 in early trade, while the small-cap Kosdaq pared gains and was 1.34% higher.
Japan’s Nikkei 225 slipped 0.32% amid some profit taking, while the Topix was flat. The Nikkei 225 breached 65,000 for the first time Monday in holiday-thinned Asia trading. The Bank of Japan’s Deputy Governor Ryozo Himino said the timing of a rate hike is still being considered, as the central bank continues to monitor developments in the Middle East, according to Reuters.
Australia’s S&P/ASX 200 fell 0.38%.
China’s CSI 300 slipped 0.28%, while Hong Kong’s Hang Seng reversed early losses and rose 0.45% following a public holiday on Monday.
India’s Nifty 50 was marginally lower, while the BSE Sensex was down 0.35%.
