Asia Markets Today | May 18: Asian markets traded lower on Monday, May 18, after US President Donald Trump's latest warning to Iran renewed concerns of crude oil supply in the Middle East and Asia Pacific. Investors weighed the renewed geopolitical tensions after Trump warned Iran to "get moving, FAST," raising fears of further escalation in the Middle East and potential disruptions to global oil supplies. This resulted in a sharp spike among global crude oil benchmarks in early trade.
In a post on Truth Social, Trump said, "The Clock is Ticking" for Iran and warned there "won't be anything left" if action was not taken soon, adding that "TIME IS OF THE ESSENCE!" He did not elaborate on the steps he wanted Iran to take or the consequences that could follow. Tensions between US and Iran have remained elevated despite a fragile ceasefire reached in early April. US has continued its blockade of Iranian ports, while Iran has kept the Strait of Hormuz shut since the conflict began.
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Oil Prices Today
Oil prices extended gains on Monday as efforts to end the US-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as Trump is expected to discuss military options on Iran. Brent crude futures climbed $1.44, or 1.32%, to $110.70 a barrel after touching the highest since May 5 earlier in the session. US West Texas Intermediate was at $107.26 a barrel, up $1.84, or 1.75%, following a rise to its highest level since May 4.
Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week's talks between Trump and Chinese President Xi Jinping ended without an indication from the world's top oil importer that it would help resolve the conflict. Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right to respond to such "terrorist attacks."
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Asian Shares Today
In Australia, the S&P/ASX 200 benchmark fell 0.76%. Japan's Nikkei 22 lost 0.2%, while the Topix added 0.1%. South Korea's Kospi and small-cap Kosdaq benchmarks fell more than 2%. Yields on the Japanese 10-year government bond jumped over eight basis points to 2.785%, extending selloff on the back of a rise in global bond yields as inflation fears mounted.
Hong Kong's Hang Seng index futures were at 25,733, lower than the index's last close of 25,962.73. Drone attacks on the UAE and Saudi Arabia and rhetoric from the US and Iran raised concerns of an escalation in the conflict. Trump is expected to meet top national security advisers on Tuesday to discuss options for military action regarding Iran, according to Axios.
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