Asia-Pacific Markets Mixed as Oil Prices Ease on Iran Attack Postponement

Asia-Pacific markets traded mixed Tuesday as oil prices, while elevated, eased slightly following news that President Donald Trump was postponing a scheduled attack on Iran.

International Brent crude futures for July delivery fell 2.04% at $109.81 per barrel as of 12:14 a.m. ET. West Texas Intermediate futures for June was 1.12% lower at $107.44 per barrel.

Investors were assessing Japan's first-quarter GDP data, which showed the economy grew at an annualized 2.1% in the first three months of the year. The growth was sharply higher than the Reuters-polled analysts' average estimate of 1.7%, and against the 1.3% in the previous quarter. These figures do not capture the full impact of the Iran war, which started at the end of February.

Japan's Nikkei 225 gave up early gains and was 0.45% lower, while the Topix added 0.54%.

A summit meeting between Japan's Prime Minister Sanae Takaichi and South Korea's President Lee Jae Myung later today will also be in focus. South Korea's Kospi extended its early losses, falling 3.12%, while the small-cap Kosdaq dropped 3.32%.

Australia's S&P/ASX 200 rose 1.05%.

Mainland China's CSI 300 index declined 0.52% while Hong Kong's Hang Seng index added 0.41%.

Standard Chartered 's Hong Kong-listed shares gained 2.54% after the lender raised its 2028 return target to 15%, up by 3 percentage points from 2025. The bank also plans to reduce its corporate functions roles by 15% by 2030.

India's Nifty 50 rose 0.44%. Shares of companies affiliated with Gautam Adani rose after the U.S. dropped fraud charges against the Indian billionaire. Adani Enterprises rose 1.89%, while Adani Ports and Adani Green added 0.36% and 1.23%, respectively.

Trump said in a Truth Social post that U.S. military leaders were informed to call off a "scheduled attack of Iran tomorrow" after requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates.

"A Deal will be made, which will be very acceptable to the United States of America, as well as all Countries in the Middle East, and beyond. This Deal will include, importantly, NO NUCLEAR WEAPONS FOR IRAN!," Trump added.

However, Trump cautioned that he has informed his military leaders "to be prepared to go forward with a full, large scale assault of Iran, on a moment's notice, in the event that an acceptable Deal is not reached."

Despite the fragile ceasefire between the U.S. and Iran, the vital Strait of Hormuz remains closed by Tehran, while the U.S. continues to blockade Iranian ports.

"As the Middle East conflict enters its third month, there is little prospect of a swift and durable settlement between the U.S. and Iran and with it the full reopening of the Strait of Hormuz," Moody's said in a note.