{
  "id": 10607973,
  "title": "Asian stocks fall, oil rises as hopes for Hormuz reopening fade",
  "url": "https://urgent.news/2026/09/29/asian-stocks-fall-oil-rises-as-hopes-for-hormuz-reopening-fade",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T03:59:25.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/money/2026/09/29/asian-stocks-fall-oil-rises-as-hopes-for-hormuz-reopening-fade/236958"
  },
  "original_language": "en",
  "account": "Asian stocks declined and oil prices continued to rise on September 29 as the prospects for reopening the Strait of Hormuz diminished, despite expectations that the Federal Reserve would raise interest rates again next month. Hopes for easing Middle East tensions were dashed when Donald Trump rejected Iran's proposal for a seven-day truce. Although he stated that discussions would resume the following week, this did little to improve the bleak mood on trading floors, as traders anticipated further inflation increases that would force the Fed to tighten monetary policy further.\n\nOn Monday, the US president denied a report by Axios that he had offered Iran sanctions relief and the release of frozen funds, as reported by the news outlet. Trump claimed that the story was a \"HOAX\" and demanded that the news site withdraw it. However, Iran's state broadcaster reported that Iranian Foreign Minister Abbas Araghchi would meet Qatari representatives to discuss \"messages exchanged with the United States through intermediaries, particularly regarding the conditions set by Iran for the reopening of the Strait of Hormuz.\"\n\nNevertheless, Tehran officials privately expressed doubt about reaching a deal to reopen Hormuz before the November US midterm elections, according to Bloomberg sources. The waterway is crucial to global oil and gas deliveries and is now at the center of the US-Iran conflict, especially as the Iran-backed Houthis have seized control of much of the Red Sea coast, including the Bab al-Mandab Strait, another crucial shipping lane.\n\nAs a result, both main crude contracts surged more than one percent on Tuesday, and the absence of any progress in resolving the conflict continues to exert upward pressure on fuel costs. Average UK diesel prices have reached a record high, according to the RAC motoring organization. Equity markets suffered after a day of decline for all three major indexes on Wall Street, with Tokyo, Seoul, Hong Kong, Shanghai, Singapore, Taipei, Wellington, Manila, and Sydney all declining.\n\nGold managed to hold off Monday's sharp losses, trading near US$4,160 (RM16,975) as traders bet on more rate hikes, making the non-interest-bearing metal less appealing. Investors are also preparing for key US inflation and jobs data releases this week that could influence the Fed's decision-making, with markets pricing in a second consecutive rate hike by the end of October.\n\nThe main concern for markets is not that employment conditions might suddenly weaken. Instead, it is the consistent strength of economic data despite higher rates and energy prices. Strong employment figures are typically positive for stocks, but they may not necessarily be the case when inflation is also surging. Strong employment could instead bolster the argument for the Fed to maintain higher rates for a longer period or even raise rates again to curb inflation.",
  "summary": "HONG KONG, Sept 29 — Asian stocks mostly fell and oil prices extended gains as hopes for a reopening of the Strait...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Jakarta Post",
        "title": "Stocks drop, oil rises as Hormuz hopes fade",
        "url": "https://urgent.news/2026/09/29/stocks-drop-oil-rises-as-hormuz-hopes-fade",
        "published": "2026-09-29T03:35:52.000Z"
      },
      {
        "outlet": "Channel News Asia",
        "title": "Stocks drop and oil rises as Hormuz hopes fade",
        "url": "https://urgent.news/2026/09/29/stocks-drop-and-oil-rises-as-hormuz-hopes-fade",
        "published": "2026-09-29T04:12:58.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}