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A container ship sails out of Qingdao port, in China’s eastern Shandong province on May 24, 2026. [AFP]
Asian stocks fell and crude prices diverged on Tuesday after fresh US strikes on Iran deflated optimism that a deal to reopen the Strait of Hormuz was imminent.
The United States and Iran have been trying to reach a deal to end the Middle East war and reopen the crucial waterway since a fragile ceasefire on April 8.
Stocks had rallied on Monday and crude futures contracts dropped below $100 a barrel after reports a deal was on the cusp of being struck.
