Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessStocks Rise, Oil Falls on Iran Deal Expectations: Markets WrapAsian stocks climbed and crude oil fell after US officials signaled that a deal with Iran to reopen the Strait of Hormuz and restore oil flows may be near. The dollar weakened.Author of the article:Last updated 4 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.A trader looks at a chart on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, May 13, 2026. GMR Solutions Inc., an air and ground emergency medical services company that counts KKR & Co. among its backers, raised $479 million in a downsized IPO after revising its target earlier on Tuesday. Photographer: Michael Nagle/Bloomberg Photo by Michael Nagle /Bloomberg(Bloomberg) — Asian stocks climbed and crude oil fell after US officials signaled that a deal with Iran to reopen the Strait of Hormuz and restore oil flows may be near. The dollar weakened.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorMSCI’s regional equities gauge climbed 1.2%, with Japan’s Nikkei index jumping more than 3% to a record. Brent dropped over 4% to about $99.25 a barrel, the lowest level in more than two weeks as an agreement will help resume the flow of energy through the vital Middle East artery.Cheaper oil prices and lower inflation expectations helped lift Treasury futures, with cash trading closed Monday due to a US holiday. Markets in Hong Kong and London are also shut for public holidays. Government bond yields in Japan, Australia and New Zealand also declined. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againFutures contracts for the S&P 500 rose 0.7%, after the underlying gauge climbed for eight straight weeks in the longest winning run since 2023. The dollar weakened against all of its Group-of-10 peers. Non-interest-bearing assets such as gold and silver climbed as lower inflation increases scope for cutting interest rates.Senior US officials said Sunday that the US and Iran were nearing a deal that would reopen the Strait of Hormuz, though negotiations over key language were continuing and final approval from both sides could still take several days. However, Iran’s Tasnim news agency cautioned that the draft agreement could yet collapse because the US is obstructing some key clauses, including Tehran’s demand that its assets be unfrozen.The improvement in risk sentiment follows weeks of stalemate between the US and Iran after several previous efforts to strike a deal. Global equities have since surged to record highs on optimism that Middle East tensions may ease and on renewed enthusiasm for the AI trade, while elevated oil prices and higher inflation pushed bond yields to multiyear highs.“The market has been in that mode of looking beyond Iran war for a month or so,” Allspring Portfolio Manager Alison Shimada said on Bloomberg TV. “I am interested in positioning for what goes on beyond the lower price of oil, because I think both sides do want some kind of negotiated end to the war.”While the US and Iran closed in on a deal, President Donald Trump said he won’t “rush” into an agreement.The US and Iran have developed a memorandum of understanding framework that extends the ceasefire 60 days as the two sides reach a final deal to permanently end the war, the Washington Post reported. In the mean time, the Strait of Hormuz will be demined and reopened, the report said.“I think markets are cautiously optimistic on updates on the Middle East, hence a bit of risk-on,” said Nick Twidale, chief market analyst at AT Global Markets. “Trump has already jumped from ‘deal imminent’ to ‘I’m in no rush’ this weekend. So I think it’s 50/50 again on this deal, although obviously a positive that they are negotiating.”Traders remain focused on inflation. Later this week, US Personal Consumption Expenditures data and inflation readings across Europe will offer clues on price pressures and the direction of interest rates.Traders have fully priced in a Federal Reserve rate hike by year-end, underscoring expectations that the US central bank chair Kevin Warsh will need to act swiftly against inflation. Warsh, who has promised the biggest shakeup in decades at the US central bank, was sworn into office Friday. Trump stressed that he wants Warsh to independently lead the Fed, as he looked to downplay investor concern that he would pressure the new central bank chief on policy decisions. Strategists expect global bond yields to remain elevated even if a US-Iran deal eases oil-driven inflation pressures. Investors are also grappling with concerns that already large public debt burdens will continue to grow, while the capital demands of the AI investment boom are adding further strain to global markets.Elsewhere, China launched an unprecedented campaign against illegal cross-border trading to stem capital outflows, threatening severe penalties against popular brokers and ordering non-compliant accounts to be liquidated within two years.The pushback came in a quick burst after the onshore markets closed Friday when eight regulators issued a joint statement vowing a campaign against these trades, sending US-listed Chinese stocks tumbling.Meanwhile, Monday’s drop in oil came as signs emerged that ships are beginning to transit the Strait. Thirty-three vessels, including oil tankers, container ships and other commercial craft, sailed through the Strait of Hormuz over 24 hours after obtaining authorization from the Islamic Revolutionary Guard Corps Navy.“While any reopening of Hormuz would be positive for global oil flows, the fluid nature of the negotiations and the unresolved differences suggest oil price volatility could persist for some time yet,” ANZ Bank strategists including David Croy wrote in a note to clients. Some of the main moves in markets: StocksS&P 500 futures rose 0.7% as of 10:53 a.m. Tokyo timeJapan’s Topix rose 1.4%Australia’s S&P/ASX 200 rose 0.4%The Shanghai Composite rose 0.4%Euro Stoxx 50 futures rose 0.8%CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.3% to $1.1640The Japanese yen rose 0.2% to 158.86 per dollarThe offshore yuan rose 0.2% to 6.7862 per dollarCryptocurrenciesBitcoin rose 0.6% to $77,028.38Ether rose 0.4% to $2,099.62BondsJapan’s 10-year yield declined 4.5 basis points to 2.715%Australia’s 10-year yield declined five basis points to 4.87%CommoditiesWest Texas Intermediate crude fell 4.4% to $92.34 a barrelSpot gold rose 1.2% to $4,565.17 an ounceThis story was produced with the assistance of Bloomberg Automation.—With assistance from Matthew Burgess and Abhishek Vishnoi. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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