Asian markets open mixed amid rising oil prices, Strait of Hormuz tensions

August 07, 2026 (MLN): Asian markets opened on a mixed note Friday as investors weighed higher oil prices triggered by Iran's restrictive draft plan for the Strait of Hormuz, while also awaiting the closely watched U.S. July jobs report for further clues on the Federal Reserve's policy outlook.

Japan's Nikkei 225 was little changed in early trade after futures signaled a softer opening, while Hong Kong's Hang Seng futures pointed to a marginally positive start. Australia's S&P/ASX 200 traded lower, reflecting caution across regional markets, according to CNBC.

Investor sentiment remained under pressure after Iran published an apparent draft proposal that would restrict the passage of U.S. and Israeli vessels through the Strait of Hormuz.

The proposal also suggested that countries deemed to have harmed Iran would be barred from using the strategic waterway until compensation is paid, fueling concerns over global energy supplies and pushing oil prices higher.

Despite the tensions, U.S. President Donald Trump said he believes the conflict involving Iran could end "pretty soon," offering some optimism that geopolitical risks may ease.

South Korean solar stocks outperformed the broader market after the White House announced a 15% tariff, along with price floors and minimum import prices on polysilicon products and related derivatives.

Hanwha Solutions jumped around 10%, while OCI Holdings gained about 4%. Analysts said the measures could benefit non-Chinese producers by supporting prices.

OCI's Malaysian-produced high-purity polysilicon is reportedly exempt from the tariff, while Hanwha's manufacturing footprint in the United States limits its exposure to the new trade measures.

Elsewhere, South Korea's Kospi advanced at the open, supported by gains in technology and renewable energy shares, while the Kosdaq also moved higher.

U.S. stock futures were largely steady ahead of the release of the July nonfarm payrolls report, with S&P 500 futures edging higher, Nasdaq 100 futures trading flat, and Dow Jones futures slipping modestly.

Wall Street ended lower overnight as rising oil prices weighed on investor sentiment. The Dow Jones Industrial Average fell more than 460 points, while the S&P 500 and Nasdaq Composite also finished in negative territory.

Investors expect the July employment report to show the U.S. economy added about 83,000 jobs, while the unemployment rate is projected to remain at 4.2%. Markets will also closely monitor wage growth and labor force participation for additional signals on the health of the labor market.

Despite Thursday's decline, major U.S. indexes remain on track for a second consecutive weekly gain, with technology stocks particularly semiconductor companies continuing to lead the broader market higher after a strong earnings season.

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