Oil prices rose and US stock futures edged lower in early Asian trading after the US rejected Iran’s proposal to reopen the Strait of Hormuz. Markets are watching for signs that talks could resume this week and for any change in shipping arrangements through the waterway.
In early trading on September 28, 2026, Beijing time, S&P 500 futures were down about 0.2%. The benchmark index had risen 0.5% on Friday, as investors entered the weekend with some optimism that negotiations might make progress. The rejection of Iran’s latest proposal put pressure on some risk-sensitive assets ahead of the new trading week.
Brent gains 1.5% as shipping risks come into focus
The reaction was more pronounced in energy markets. Brent crude, the international benchmark, rose 1.5% as traders reassessed supply and transport risks tied to the Strait of Hormuz. The passage is a major route for crude oil and refined products from the Middle East, making developments around access, reopening plans or stalled negotiations relevant to oil prices and energy company valuations.
Higher oil prices can also affect equities through inflation expectations, transport costs and corporate margins. For economies that rely on energy imports, a sustained rise could add pressure to trade balances and consumers. So far, however, the available information only confirms that Iran’s proposal was rejected; it does not establish how access to the strait will change.
Dollar edges higher against major currencies
The dollar rose modestly against most major currencies. Geopolitical tensions can support demand for the US currency as investors reduce exposure to risk, but its limited gains suggest markets are still waiting for clearer signals on negotiations and shipping arrangements.
The US side has said talks could resume this week. Whether negotiations restart, whether Iran puts forward a new proposal and what happens to traffic through the Strait of Hormuz are key variables for energy, foreign-exchange and equity traders.
Stocks track oil and diplomatic developments
Markets are focused on two questions: whether oil supplies and transport face lasting disruption, and whether diplomatic contacts can reduce the risk of further escalation. The S&P 500’s 0.5% gain on Friday, followed by a decline in futures early in the new week, points to a more cautious stance as investors await fresh information.
There has been no public confirmation that talks have resumed, and no specific timetable for reopening the Strait of Hormuz has been announced. Early moves in oil, the dollar and US stock futures reflect an immediate response to the latest news; further direction will depend on shipping conditions and official statements from both sides.