Stocks drop and oil rises as Hormuz hopes fade
Asian markets experienced a decline on Tuesday (Sep 29) as hopes for reopening the Strait of Hormuz diminished due to expectations of another Federal Reserve interest rate hike. The Middle East tensions remained a significant concern, with Donald Trump rejecting Iran's offer for a seven-day truce. While Trump stated that talks would resume this week, it failed to boost market sentiment.
The US president denied a report by Axios that he had offered Iran sanctions relief and the release of frozen funds. The Middle East conflict continues to impact oil and gas deliveries, making it a central issue in the ongoing US-Iran tensions.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Stocks drop, oil rises as Hormuz hopes fade thejakartapost.com
- Asian stocks fall, oil rises as hopes for Hormuz reopening fade malaymail.com
- Stocks drop and oil rises as Hormuz hopes fade channelnewsasia.com
