Asian equities fell from record highs after conflicting signals from the US and Iran on prospects for a deal to end the war. Crude oil gained.MSCI’s Asia Pacific equities gauge fell 0.2%, snapping a five-day rally fueled by surging technology shares. US equity-index futures pared earlier gains following fresh US strikes in Iran. Brent crude climbed 2.2% to $96.30 a barrel as the lack of a deal to end the war kept the Strait of Hormuz shut, disrupting the flow of oil and gas.The dollar strengthened and Treasuries dropped as sentiment soured after the White House dismissed an Iranian media report suggesting peace negotiations were advancing toward ending the war. The benchmark 10-year Treasury yield climbed two basis points to 4.50%. Bonds in Australia and New Zealand also declined.While resilient demand for the artificial-intelligence trade has repeatedly pushed global equities to record highs, elevated energy prices and the risk of renewed inflation have kept bond investors cautious. Attention now turns to Thursday’s release of the April personal consumption expenditures index — the Fed’s preferred inflation gauge — for clues on interest rates and the next turn for markets.“The stock market has enough confidence that a resolution with Iran will eventually come to light, even if it’s not immediate,” said Alexander Guiliano at Resonate Wealth Partners. “While it may seem like stocks have moved too fast, we saw a garden variety correction only two months ago, which helped to reset sentiment.”President Donald Trump said he was “not satisfied” in negotiations with Iran, damping expectations for an imminent breakthrough. Trump asserted that no one nation would control the Strait of Hormuz, highlighting a key sticking point in resolving the conflict as it enters its fourth month.US Secretary of State Marco Rubio said that “we’ll see over the next few hours and days whether progress could be made” on Iran.