Oil Spikes 2% as Trump Threatens Iran Over Strait of Hormuz

Asian equity markets traded mixed in light holiday volume on Wednesday as President Donald Trump renewed his ultimatum to Iran. Trump threatened to attack Iranian civilian infrastructure if Tehran does not keep open the Strait of Hormuz, a critical chokepoint for global oil shipments. "If Iran refuses to open the Strait of Hormuz, we will view it as a threat to the free flow of commerce and respond accordingly," Trump stated, reiterating his position from a Truth Social post. The threat amplified concerns over potential supply disruptions in the Middle East, pushing Brent crude futures up over 2% to $72.50 a barrel. Market reaction was uneven across the region. Japan's Nikkei 225 edged 0.2% lower, while Australia's ASX 200 gained 0.4%. South Korea's Kospi remained closed for a holiday. Investors assessed the geopolitical risk against recent optimism over U.S.-China trade talks and domestic economic data.