On Tuesday, Asia-Pacific markets opened higher, buoyed by a slight decrease in oil prices after President Trump announced the postponement of a scheduled attack on Iran. West Texas Intermediate futures fell by 1.27% to $107.28 per barrel, while Brent crude futures dropped 2.67% to $109.11 per barrel.
This easing in oil prices is significant as it reflects investor sentiment regarding geopolitical tensions in the Middle East. Japan's economy showed stronger-than-expected growth, with first-quarter GDP rising at an annualized rate of 2.1%, surpassing analysts' estimates of 1.7%. The Nikkei 225 and Topix indices rose by 0.68% and 1.16%, respectively.
However, South Korea's Kospi index fell by 1.06%, indicating mixed regional performance. The ongoing conflict in the Middle East, particularly the closure of the Strait of Hormuz by Iran, continues to pose risks to energy supply and market stability. Moody's noted the lack of a swift resolution to the U.S.-Iran tensions, which could impact oil prices and market sentiment moving forward