Asian markets wobble and oil dips after Trump says US and Iran met at UN
Asian equities showed mixed moves while oil prices slipped following Donald Trump's claim that US and Iranian officials held a constructive meeting at the United Nations.
Asian stock markets posted mixed results on Wednesday while US futures edged higher, as Wall Street hovered close to its all-time high. South Korea's Kospi climbed 0.9%, whereas Hong Kong's Hang Seng slipped 1.1% and Shanghai's Composite fell 0.4%. The moves came after Donald Trump announced that US and Iranian officials had a "very good" meeting at the UN General Assembly, a statement that contributed to Brent crude sliding 0.6% to $98.68 a barrel.
Analysts linked the oil decline to both the diplomatic encounter and news that Saudi Arabia was restarting a major pipeline. In the tech sector, Samsung Electronics jumped 3.3%, SK Hynix rose 1.2%, and Taiwan Semiconductor Manufacturing Co. gained 1.6% after US technology stocks posted gains. The US dollar strengthened slightly against the yen and euro, rounding out a day of cautious optimism across global markets.
Why it matters
The reported US-Iran dialogue eased oil prices and influenced Asian market sentiment, affecting investors worldwide.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- Sep 13 A ship was hit by a projectile while transiting the Strait of Hormuz, prompting crew evacuation after a fire broke out, according to UKMTO.
- Sep 13 The Ministry of External Affairs condemned the attack on the commercial vessel MT El Gaia off the coast of Oman, saying 13 of the 14 Indian crew have been rescued and search continues for the missing Indian national.
- Sep 14 Saudi Arabia temporarily closed its east‑west pipeline after a drone strike traced to Iraq, while an Iranian commercial vessel reported casualties nearby.
- Sep 14 Oman hosts a Gulf meeting on Hormuz while Bahrain refuses to participate.
- Sep 14 Brent futures rose to $109.97, a three‑month peak, widening the price gap with regional benchmarks.
- Sep 14 Iranian cargo vessel hit near Qeshm Island, killing one crew member and prompting Oman to delay the Hormuz talks.
- Sep 14 U.S. officials report that roughly two-thirds of pre-conflict oil volumes are now moving through Hormuz, while Iran disputes control of the waterway. Tanker-tracker data, however, shows daily transits remain far below historic levels. At the same time, attacks on a Saudi pipeline and a vessel in the strait have lifted global oil prices.
- Sep 17 Stickers mocking Trump on gas pumps have begun appearing publicly.
- Sep 17 The Federal Reserve lifted its policy rate by a quarter point, its first increase in three years.
- Sep 18 The Sejm voted to pass the extraordinary‑profits tax on fuel companies.
- Sep 19 Diesel prices reached $5.68 per gallon, the highest figure since 2022.
- Sep 21 Fire on the tanker was extinguished after the projectile strike.
- Sep 22 AMD’s market value reached $1 trillion.
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