Asian stock markets opened mixed today, September 28, with trading sentiment weighed down by rising oil prices in the morning session after U.S. President Donald Trump rejected Iran's conditional offer to reopen shipping routes through the Strait of Hormuz, calling it unacceptable. The Nikkei opened at 66,505.94 points, up 141.74 points, or 0.21%. The Hang Seng opened at 24,554.58 points, up 44.49 points, or 0.18%. The Shanghai Composite opened at 3,878.41 points, down 9.96 points, or 0.26%. The KOSPI fell 0.41%, while the S&P/ASX 200 gained 0.28%. November-delivery WTI crude oil futures rose 1.3% to 93.62 dollars per barrel in morning trading in Asia, while Brent crude rose 1.8% to 106.31 dollars per barrel. The oil price surge came after Trump told reporters at the White House on Saturday, September 26, that the United States has complete control of the Strait of Hormuz and that massive amounts of oil are now being shipped out of the strait, saying as many as 29 vessels departed overnight. Trump's remarks followed Iranian Foreign Minister Abbas Araghchi's disclosure to reporters on Friday, September 25, at United Nations headquarters in New York that Iran had delivered a concrete plan to the United States through Qatar, saying it was ready to reopen the Strait of Hormuz within seven days if it received a response meeting its specified conditions.
Rejection of Iran's plan to reopen the Strait of Hormuz keeps supply routes constrained, lifting Brent crude 1.8% to $106.31.
Trump rejected Iran's offer to reopen the Strait of Hormuz, keeping the key oil chokepoint disrupted and pushing WTI futures up 1.3%.
