Asia-Pacific markets open lower as Iran-U.S. negotiations remain in focus
Asia-Pacific markets opened lower on Thursday as investors parse the ongoing Iran-U.S. negotiations
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A man looks at an electronic quotation board displaying stock prices on the Tokyo Stock Exchange in Tokyo on August 2, 2022.
Kazuhiro Nogi | AFP | Getty Images
Asia-Pacific markets opened lower on Thursday, as investors continue to assess mixed signals from the ongoing Iran-U.S. negotiations amid a fragile ceasefire.
Secretary of State Marco Rubio said that talks with Iran have made some progress and that "we're going to give it every chance to succeed," adding that the U.S. prefers "the negotiated diplomatic route." That said, President Donald Trump has said that he will not permit Iran to control the key Strait of Hormuz as part of a deal.
While a Reuters report said that Tehran had committed to restoring commercial traffic through Hormuz to prewar levels within one month of an agreement with the U.S., citing Iranian state media, the White House said in a social media post that the report about a memorandum of understanding was "a complete fabrication."
West Texas Intermediate futures for July were 1.86% higher at $90.33 per barrel as of 8:04 p.m. ET. Brent crude futures for July rose 1.87% to $96.05 per barrel.
South Korea's Kospi was lower at 0.29% while the small-cap Kosdaq slid 0.25%. Japan's Nikkei 225 fell 0.76%, while the Topix declined 0.71%. Australia's S&P/ASX 200 was 0.75% lower.
