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Oil prices dip, most stocks rise on lingering Iran peace hopes
Oil prices fell on Tuesday while most stocks rose on lingering hopes for a deal to end the US-Iran war and reopen the Strait of Hormuz, even as Tehran said it had not decided whether to attend peace talks.
With the end of a two-week ceasefire approaching, the White House said Vice President JD Vance was ready to return to Pakistan for fresh negotiations to end a conflict that has sent crude soaring and revived inflation fears.
However, the Islamic Republic’s position remained uncertain as it accused Washington of violating its fragile truce through its blockade of the country’s ports and seizure of a ship.
Crude plunged on Friday after Tehran said it would allow ships to transit the Strait of Hormuz, which had been effectively closed since the war began on February 28.
But the commodity rebounded on Monday as Iran closed the waterway again, citing the blockade and seizure.
Donald Trump has similarly accused Tehran of violating the ceasefire by harassing vessels in the Strait of Hormuz, the transit passage for about one-fifth of global oil.
The US president said the blockade would not be lifted until an agreement had been reached.
“THE BLOCKADE, which we will not take off until there is a ‘DEAL,’ is absolutely destroying Iran,” Trump said on social media. “They are losing $500 Million Dollars a day, an unsustainable number, even in the short run.”
He told PBS News that Iran was “supposed to be there” at the talks in Pakistan.
“We agreed to be there,” he said, warning that if the ceasefire expired “then lots of bombs start going off”.
He separately told Bloomberg News it was “highly unlikely” he would extend the truce.
Based on its start time, the truce theoretically expires overnight on Tuesday, Iran time, although in his comments to Bloomberg Trump said the end was Wednesday evening Washington time.
The Middle Eastern country’s parliament speaker Mohammad Bagher Ghalibaf said “Trump wants to turn this negotiating table into a surrender table or justify renewed hostilities, as he sees fit”.
“We do not accept negotiations under the shadow of threats, and in the last two weeks we have been preparing to show new cards on the battlefield,” he wrote on X.
Still, investors remained largely upbeat that the two sides will eventually come to a deal that will reopen the strategic strait.
US benchmark crude West Texas Intermediate rose more than 1%, while Brent was also higher.
Tech rally
Seoul led the equity market gains thanks to a resumption of the tech rally that had pushed the Kospi to multiple records before the war, while Tokyo and Taipei were also well up.
Hong Kong, Singapore and Manila also advanced, although Shanghai and Sydney fluctuated.
That came even after a down day on Wall Street, where the S&P 500 and Nasdaq Composite retreated from Friday’s record closes.
Asia had opened “with a gentle lean into risk as signs Iran may join talks with the US offer a pathway, however narrow, toward easing tensions ahead of the ceasefire deadline”, wrote SPI Asset Management’s Stephen Innes.
“Markets are pricing the possibility of progress rather than its certainty,” he said.
“Trump’s remark that a ceasefire extension is ‘highly unlikely’ if no deal is reached has effectively put a clock on the market.
“However, traders recognise the playbook. Hard deadlines and firm rhetoric often soften as negotiations evolve, but the presence of a timeline still sharpens positioning and raises the stakes around each headline.”
In company news, Japanese arms firms enjoyed healthy buying after Tokyo said on Tuesday it would ease decades-old export rules, paving the way for the sale of lethal weapons overseas.
The policy shift, which ends Tokyo’s self-imposed restraint on the sale of lethal arms, comes as it seeks to enter the international arms market, hoping to bolster national defence as well as boost economic growth.
Fujitsu climbed 2.4%, NEC added 3.7% and Mitsubishi Electric was up 0.9%, while Mitsubishi Heavy gained 0.4%.
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Pakistan urges UNSC to push India to restore Indus Waters Treaty a year after its suspension
UNITED NATIONS: Pakistan has urged the UN Security Council (UNSC) to address India’s suspension of the 1960 Indus Waters Treaty (IWT), warning of “grave” security, environmental, and humanitarian risks for 240 million people.
A letter from Pakistani Deputy Prime Minister/Foreign Minister, Senator Muhammad Ishaq Dar, addressed to Ambassador Jamal Fares Alrowaiei of Bahrain, which hold the 15-member Council’s presidency for the month of April, draws attention to India’s “illegal” decision to hold the IWT in abeyance one year after its suspension amid heightened political tensions with Pakistan.
The letter was handed over to the Security Council President by the Permanent Representative of Pakistan to the United Nations, Ambassador Asim Iftikhar Ahmad, at UN Headquarters in New York on Thursday, according to a press release issued by the Pakistani Mission.
DPM/FM Dar urged the Security Council to take cognizance of the alarming situation and call on India to restore the full implementation of IWT, resume all Treaty-mandated cooperation and data-sharing without delay, desist from any form of water coercion, and comply fully with its international obligations in good faith.
In this regard, Ambassador Asim Ahmad also briefed the Security Council president on the “regurgitation of baseless allegations and propaganda by India at a time when Pakistan is engaged in serious mediation efforts to promote regional and international peace and security.”
The Pakistani envoy also underscored that the unresolved Jammu and Kashmir dispute – a longstanding item on the Security Council’s agenda – was the root cause of instability in South Asia that necessitated a just and lasting settlement in accordance with relevant Council’s resolutions and wishes of the Kashmiri people.
The 66-year-old treaty governs the distribution of waters from the Indus river system, allocating the western rivers, Indus, Jhelum and Chenab, primarily to Pakistan, which depends on them for most of its agriculture. The agreement has long been seen as one of the most durable arrangements between the two countries, surviving wars and decades of hostility.
However, India announced on Apr. 23, 2025 it was holding the treaty in abeyance. The move came as India, without producing any evidence, accused Pakistan of being behind a militant attack in Indian-Occupied Kashmir. Pakistan categorically denied any involvement it in the attack, which led to a brief but intense military conflict between the two countries in May 2025.
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DPM Dar, Russian FM Lavrov discuss rescheduling of PM Shehbaz visit to Russia
ISLAMABAD: Deputy Prime Minister/Foreign Minister (DPM/FM), Senator Mohammad Ishaq Dar on Friday held a telephonic conversation with the Foreign Minister of the Russian Federation, Sergey Lavrov.
During the interaction, reiterating the importance of maintaining regular high-level engagements, both the dignitaries discussed rescheduling of the visit of Prime Minister Shehbaz Sharif to Russia at an early mutually convenient date. The DPM/FM also extended an invitation to FM Lavrov to visit Pakistan, a DPM’s Office news release said.
The two leaders discussed bilateral relations and cooperation at multilateral fora in support of international peace & security.
FM Lavrov appreciated Pakistan’s constructive role in facilitating dialogue between Iran and the United States.
The DPM/FM underscored Pakistan’s resolve to continue contributing to efforts aimed at promoting dialogue and diplomacy to resolve all issues.
Both sides agreed to remain in touch.
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President, PM pay tribute to security forces for successful operation against terrorists in Khyber
ISLAMABAD: President Asif Ali Zardari and Prime Minister Shehbaz Sharif on Friday paid tribute to the security forces for killing 22 terrorists of Fitna Al-Khawarij during a joint intelligence-based operation in Khyber district.
In separate statements, both leaders reaffirmed their resolve to continue the fight against terrorism until its complete elimination from the country.
President Zardari stated that terrorists were attempting to undermine Pakistan’s leadership efforts to ensure lasting peace in the region.
“We will defeat terrorism and continue to play a leading role in maintaining peace in the region and across the world,” the president said.
He also expressed deep grief over the martyrdom of a 10-year-old child during the operation and extended heartfelt condolences to the bereaved family.
Prime Minister Shehbaz Sharif also expressed sorrow over the child’s martyrdom, which occurred as a result of unprovoked firing by the terrorists.
Strongly condemning the act, the prime minister prayed for strength and patience for the grieving family.
“The cowardly terrorists’ unprovoked firing, carried out in an attempt to save themselves, which resulted in the martyrdom of a child, is an irreparable crime against humanity,” he added.
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