Asia markets open higher amid hopes of a U.S.-Iran deal; China trade data in focus

Asia-Pacific markets opened higher Tuesday, amid hopes that a deal between Washington and Tehran was still possible even as the U.S. blockades Iranian shipments in the Strait of Hormuz.A fragile U.S.-Iran ceasefire, while not officially scrapped, has been deeply frayed, with the U.S. and Iran accusing each other of violating the conditions of the truce.The U.S. on Monday said it began blocking ships from entering or exiting Iranian ports in the Strait of Hormuz, as it seeks to raise pressure on Iran to reopen the key oil route, following the collapse of peace talks. The blockade took effect at 10 a.m. ET.Iranian officials responded by warning that the U.S. blockade will only drive global energy prices higher."Enjoy the current pump figures. With the so-called 'blockade', Soon you'll be nostalgic for $4–$5 gas," Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said in an X post Sunday.Investors in Asia will also be watching out for China trade data later in the day.The West Texas Intermediate was 2.16% lower at $96.94 per barrel as of 9:31 p.m. ET. Brent crude declined 1.82% to $97.55 per barrel. Japan's Nikkei 225 extended early gains to rise 2.43%, while the Topix gained 1.01%.Australia's S&P/ASX 200 was 0.53% higher. Australian business confidence in March dropped, weighed by concerns over the Iran war that had led to a global oil shock, according to a survey from National Australia Bank, Reuters reported. Mainland China's CSI300 index rose 0.65%, while Hong Kong's Hang Seng index was 1% higher.Overnight on Wall Street, futures tied to the S&P 500 were nearly flat. S&P 500 futures added 0.06%, while Dow Jones Industrial Average futures rose 10 points, or 0.02%. Nasdaq-100 futures climbed nearly 0.2%.The S&P 500 rose on Monday as investors hoped that a deal would eventually be struck between the U.S. and Iran. The broad market index jumped 1.02% to end at 6,886.24, the highest close since before the war began.

The Nasdaq Composite gained 1.23% to 23,183.74.

The Dow Jones Industrial Average added 301.68 points, or 0.63%, to settle at 48,218.25.— CNBC's Fred Imbert and Kevin Breuninger contributed to this report.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by