Oil prices and stock markets experienced a mixed performance today. Initial optimism following Donald Trump’s decision to delay a deadline for Iran to reopen the Strait of Hormuz began to wane over the course of the day.

Global oil prices saw an initial drop of over one percent on Friday, continuing the downward trend from Thursday, although they showed mixed results during late trading in Asia.

Since the onset of the conflict on February 28, Brent crude has surged by nearly 50%, while West Texas Intermediate (WTI) has climbed approximately 40%.

Stock markets across Asia displayed varied outcomes. Markets in Tokyo, Seoul, Sydney, Wellington, Taipei, Mumbai, Jakarta, and Manila saw significant declines, whereas Hong Kong, Shanghai, Singapore, and Bangkok experienced gains.

Investor confidence is being tested as skepticism grows around the consistency of messages coming from the White House, with President Trump frequently alternating between aggressive rhetoric and talk of peace.

Stephen Innes of SPI Asset Management commented on the situation, saying, “A 10-day extension might seem like a temporary reprieve, but to traders, it feels more like extending a losing bet in the hope that future outcomes will be more favorable.”

‘Time has been purchased, not clarity. And the market knows the difference.’

Key figures at around 7am UK time:

• Tokyo – Nikkei 225: DOWN 0.4 per cent at 53,373.07 (close)
• Hong Kong – Hang Seng Index: UP 0.6 per cent at 25,006.90
• Shanghai – Composite: UP 0.6 per cent at 3,913.72 (close)
• West Texas Intermediate: DOWN 0.4 per cent at $94.14 a barrel
• Brent North Sea Crude: UP 0.1 per cent at $108.10 a barrel