US-Iran tensions disrupt Hormuz talks, Asian stocks mixed

US forces attacked missile sites in southern Iran Monday, threatening fragile negotiations to reopen the crucial Hormuz Strait that's been blockaded since April. The strikes targeted Iranian missile sites and boats laying mines, with US Central Command calling it self-defense to protect troops. Asian stocks showed mixed results Tuesday, with Tokyo and Shanghai down 0.5% while Seoul hit a new record high above 8,000 points. Oil prices fluctuated significantly—US benchmark down 5.1% to $91.71 while international benchmark Brent rose 2% to $98.11 per barrel. Both US and Iran officials have dampened hopes for quick resolution, though Iran's foreign ministry acknowledged progress without confirming a deal. This geopolitical uncertainty affects global markets, with Nigeria's oil-dependent economy particularly vulnerable to price volatility. The Federal Reserve's potential interest rate decisions are also being monitored by economists, as higher energy prices limit chances of rate cuts to boost growth. Investors should watch for developments in these negotiations as they could impact international financial markets and Nigeria's foreign exchange earnings.

SOURCE: https://www.channelstv.com/2026/05/26/asia-stocks-oil-prices-mixed-on-us-iran-deal-uncertainty/