Japan’s Nikkei 225 index hit 65,000 points for the first time ever during Asian trading on Monday, reaching a new record high, amid thin trading due to holidays, after reports suggesting the Strait of Hormuz could reopen soon boosted investor sentiment and pushed oil prices lower.
US President Donald Trump said in a post on Truth Social that negotiations with Iran are proceeding in an organized and constructive manner, adding that he had asked his representatives not to rush into an agreement because time is on their side.
Oil prices fell by more than 5% following Trump's remarks, easing pressure on investors. Prices had surged after the Trump administration imposed a blockade on Iranian ports, while Tehran effectively closed the Strait of Hormuz, one of the world's most important energy shipping lanes.
West Texas Intermediate crude futures for July delivery fell 5.87% to $90.93 a barrel during early Asian trading, while Brent crude futures for July delivery dropped 5.58% to $97.76 a barrel.
Japan’s Nikkei 225 index rose more than 3% to a new record high of 65,408.87 points, while the Topix index climbed 1.19%.
Taiwan's Taix index also hit an all-time high, surging past the 43,000-point mark, with stocks rising 2.91% to 43,495.92 points.
In Australia, the S&P/ASX 200 index rose by 0.45%, while China’s CSI 300 index climbed by 0.91%, and India’s Nifty 50 index increased by 1.09%.
In contrast, markets in Hong Kong and South Korea were closed for public holidays, and US markets will remain closed on Monday for Memorial Day.
During Friday's session, the Dow Jones Industrial Average rose 294.04 points, or 0.58%, to close at 50,579.70. The index, which comprises 30 stocks, reached an all-time high during trading and also achieved a new record closing high.
The S&P 500 index rose 0.37% to close at 7,473.47 points, while the Nasdaq Composite index climbed 0.19% to end the session at 26,343.97 points.
