A small boat with fishermen passes as a vessel sits at anchor, amid the U.S.-Israeli conflict with Iran, off Sultan Qaboos Port in Muscat, Oman, March 25, 2026.
Stringer | Reuters
Japanese markets were set to open lower open on Monday, while most markets in Asia were closed for holidays, as investors parsed the latest developments in the Middle East conflict over the weekend.
President Donald Trump on Sunday issued a fresh round of threats to attack Iran's power plants and civilian infrastructure starting Tuesday if Tehran fails to fully reopen the Strait of Hormuz. The key chokepoint between Iran and the Arabian Peninsula normally handles about one-fifth of the world's oil and gas supplies.
In an expletive-filled social media post, Trump also vowed to bring "Hell" to the country after U.S. forces rescued an American airman shot down in Iran last week.
He later posted about a "Tuesday 8 P.M. Eastern Time" deadline without elaborating. The White House on Sunday told MS NOW that the date is the new deadline for Iran to reach a deal with the U.S.
Trump said he will hold a press conference "with the Military" at the Oval Office at 1 p.m. on Monday.
Iran has pushed back against Trump's ultimatum to reopen the Strait of Hormuz, saying that the critical waterway would only reopen fully after damage from the war is compensated. Tehran has continued strikes on economic and infrastructure targets in the neighboring Gulf region, including Kuwait's oil headquarters.
Eight members of the Organization of the Petroleum Exporting Countries and allies raised their production quotas on Sunday by 206,000 barrels per day for May, though the move appeared largely symbolic as the war has constrained production and shipments from several members.
The U.S. West Texas Intermediate for May was up 2.57% at $114.11 per barrel. International benchmark Brent crude gained about 2.62% to $111.65 per barrel as of 7:51 p.m. ET.
Many markets in Asia are closed on Monday for holidays as Australia, New Zealand, and Hong Kong celebrate Easter, while mainland China and Taiwan celebrate Qingming Festival, the tomb-sweeping holiday.
Japan's Nikkei 225 was set to open lower, with the Chicago contract at 53,065, compared with the index's previous close of 53,123.49.
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