A small boat carrying fishermen passes off the coast of Sultan Qaboos Port in Muscat, Oman, on March 25, 2026, amid the conflict between the United States, Israel, and Iran.
Stringer | Reuters
Japanese and South Korean stocks rose on Monday as investors analyzed the latest developments in the Middle East conflict over the weekend, with most Asian markets closed for a public holiday.
President Donald Trump on Sunday made new threats to attack Iranian power plants and civilian infrastructure starting Tuesday if Iran fails to fully reopen the Strait of Hormuz.
Before the US-Israel-Iran war began on February 28, the key oil chokepoint between Iran and the Arabian Peninsula handled about one-fifth of the world’s oil supplies.
Last week, President Trump vowed to bring “hell” to Iran in an expletive-filled social media post after the U.S. military rescued an American airman in Iran.
He later posted a deadline of “8pm ET Tuesday” without providing any details. The White House told MS NOW on Sunday that that date is the new deadline for Iran to reach a deal with the United States.
President Trump said he would hold a press conference “with the military” in the Oval Office on Monday at 1 p.m.
Iran has pushed back against President Trump’s ultimatum to reopen the Strait of Hormuz, saying the vital waterway will only fully reopen after war damage is compensated. The Iranian government continues to attack economic and infrastructure targets in the neighboring Gulf region, including Kuwait’s oil headquarters.
The eight members of the Organization of the Petroleum Exporting Countries and their allies on Sunday raised production quotas by 206,000 barrels per day for May, a move that appeared largely symbolic as the war has restricted shipments in several members.
The May contract for US West Texas Intermediate rose 2.57% to $114.11 per barrel. Brent crude oil, the international benchmark, rose about 2.62% to $111.65 a barrel as of 7:51 p.m. ET.
Japanese Nikkei Stock Average rose 0.62%, while the comprehensive TOPIX rose 0.23%.
South Korean blue-chip stock Kospi rose 1.8%, and small-cap stock Kosdaq rose 0.98%.
Many markets in Asia will be closed on Monday for public holidays, as Australia, New Zealand and Hong Kong celebrate Easter, while mainland China and Taiwan celebrate Qingming Festival, the tomb-sweeping holiday.
