Oil markets have whipsawed this week as investors parse the chances of a breakthrough between Washington and Tehran that could potentially resume normal shipping through the Strait of Hormuz.
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between US dollar and South Korean won, top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, May 28, 2026. (Photo: AP/Ahn Young-joon)
29 May 2026 09:16AM
(Updated: 29 May 2026 11:54AM)
HONG KONG Asian stock markets surged and oil prices receded on Friday (May 29), boosted by optimism that the United States and Iran will reach a deal to end their war that has hobbled global energy supplies.Oil markets have whipsawed this week as investors parse the chances of a breakthrough agreement between Washington and Tehran that could potentially resume normal shipping through the crucial Strait of Hormuz.Those hopes had been briefly dashed by new US military strikes on Iran Wednesday night, countered by Tehran's Revolutionary Guard's targeting of an American airbase in the region.But by Thursday evening, negotiators had edged toward a deal to extend their fragile ceasefire for 60 days, though approval from President Donald Trump was still needed, US sources told AFP.
