Asian markets climb to record highs; oil prices jump

April 26, 2026 (MLN): Asian markets advanced on Monday, with several key benchmarks scaling fresh record highs as investors remained optimistic despite escalating geopolitical risks in the Middle East and stalled U.S. Iran diplomacy.

Japan’s benchmark Nikkei 225 surged 1.4% to close at a new all-time high, while South Korea’s Kospi jumped 1.83%, also reaching record levels amid strong regional sentiment, according to CNBC.

In contrast, Australia’s S&P/ASX 200 slipped 0.54%, reflecting mild profit-taking. Hong Kong’s Hang Seng Index edged down 0.17%, whereas mainland China’s CSI 300 posted a modest gain of 0.25%.

The uptick in Chinese equities came after data showed industrial profits rose 15.8% year-on-year in March, accelerating from the 15.2% growth recorded in the January–February period.

Market sentiment remained resilient despite a setback in U.S. Iran diplomacy.

Donald Trump announced over the weekend that plans to dispatch envoys, including Steve Witkoff and Jared Kushner, to Islamabad for negotiations with Iran had been scrapped.

The decision raised concerns about prolonged geopolitical uncertainty in the region.

Oil markets reacted sharply to the stalled negotiations. Global benchmark Brent crude oil surged more than 2% to trade above $107 per barrel, while West Texas Intermediate crude oil gained nearly 1.8% to hover around $96 per barrel.

Prices were further supported by heightened tensions in the Strait of Hormuz, a critical global shipping route, following reports that Iran’s Revolutionary Guard intercepted two cargo vessels.

Meanwhile, U.S. stock futures pointed to a softer open. Futures linked to the Dow Jones Industrial Average declined 0.2%, while S&P 500 futures and Nasdaq 100 futures each fell around 0.3%.

Despite the cautious start indicated by futures, Wall Street ended last week on a strong footing.

The S&P 500 rose 0.8% to close at a record 7,165.08, while the Nasdaq Composite jumped 1.63% to settle at an all-time high of 24,836.60.

In contrast, the Dow Jones Industrial Average slipped 0.16%, showing mixed performance across U.S. equities.

Overall, global markets remain caught between strong equity momentum and escalating geopolitical risks, with oil prices acting as a key barometer for investor sentiment in the near term.

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