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On the bustling streets of Hong Kong, pedestrians make their way past the towering Exchange Square complex, home to the Hong Kong Stock Exchange. The scene unfolds on Tuesday, March 23, 2021, captured by Paul Yeung for Bloomberg via Getty Images, against a backdrop of global financial uncertainty.
The Asia-Pacific markets experienced a downturn on Friday, mirroring the turbulence seen on Wall Street the previous night. Investors were on edge as the hope for a peace agreement in the Middle East remained elusive, clouded by mixed signals from both the U.S. and Iran.
Amidst the rising tensions, President Donald Trump made a significant move by extending his deadline for potential action against Iran’s energy infrastructure. Originally set for Friday, the deadline has been pushed back to April 6. This decision was made to allow more time for diplomatic negotiations, a request that came directly from the Iranian government.
The extension was not without its conditions. In a gesture of goodwill, Iran offered 10 oil tankers, which successfully navigated the strategic Strait of Hormuz, as a token of their cooperation. President Trump addressed this development in a post on Truth Social, stating, “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction.”
The extension was at the request of the government of the Islamic Republic, Trump said, and it was granted in exchange for 10 oil tankers that passed through the Strait of Hormuz as a “present” from Tehran.
“As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction,” Trump said in a Truth Social post.
“Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well,” Trump added.
Washington has in recent days signaled it wants a negotiated end to the conflict and insisted that peace talks with the Islamic Republic had been ongoing. Tehran has denied that it is in direct talks with the U.S.
Iran reportedly rejected the 15-point proposal compiled by the U.S. and offered their own conditions, including a guarantee that the U.S. and Israel won’t resume their attacks on the country and recognition of its authority over the Strait of Hormuz.
Oil prices fell amid easing tensions in the almost month-long conflict. The West Texas Intermediate for May delivery dropped 1.8% to $92.82 per barrel as of 8:30 p.m. ET, while international benchmark Brent crude oil futures fell 1.92% to $105.9 a barrel.
South Korea led the broader declines in the region with blue-chip Kospi pulling back 3.6% and the small-cap Kosdaq down 2%.
Australia’s S&P/ASX 200 fell 0.42% in early Asia trade.
Japan’s Nikkei 225 slipped 1.6%, and the broad-based Topix slid 0.8%.
Hong Kong Hang Seng index futures were at 24,782, lower than the index’s last close of 24,856.43.
China is set to release industrial profit figures for the first two months of 2026 on Friday, which would offer an early read on the financial health of the country’s factories amid intense competition and sluggish demand.
