Asian Shares Mostly Gain as European Markets Remain Closed for Holiday

Oil prices continue to surge amid ongoing tensions in the Strait of Hormuz

Apr. 6, 2026 at 2:04pm

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Asian markets that were open for trading on Monday mostly rose, as investors closely watched the war in Iran, soaring oil prices, and comments from President Donald Trump. However, trading was closed in several major markets, including Europe, Australia, Hong Kong, and Shanghai, due to the Easter holiday. Oil prices remained elevated, with benchmark U.S. crude dropping $1.76 to $109.78 a barrel and Brent crude losing 73 cents to $108.33 a barrel.

Why it matters

The ongoing tensions in the Strait of Hormuz, a crucial global oil supply route, are having a significant impact on energy markets and the global economy. As the U.S. relies on the Persian Gulf for only a fraction of its oil imports, the rise in oil prices is a concern for resource-poor nations like Japan that heavily depend on access to the strait.

The details

Japan's Prime Minister Sanae Takaichi said the country was releasing its oil reserves and working on alternative transport routes, while South Korea's trade ministry announced plans to send at least five ships to Saudi Arabia to establish new oil transport routes in the Red Sea. The market is closely watching the situation, with analysts noting the uncertainty surrounding the ongoing Iranian war and its impact on global trade.

  • On Monday, April 6, 2026, Asian markets that were open for trading mostly rose.
  • On Friday, April 3, 2026, U.S. markets were closed for Good Friday and several European markets did not trade.

The players

Sanae Takaichi

The Prime Minister of Japan, who said the country was releasing its oil reserves and working on alternative transport routes in response to the tensions in the Strait of Hormuz.

South Korea's Trade Ministry

The ministry announced plans to send at least five ships to Saudi Arabia to establish new oil transport routes in the Red Sea, in an effort to diversify its energy supply amid the ongoing tensions.

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What they’re saying

“As we kick off the first full trading week of April, the word uncertainty is paramount. Last year it was centered on the impact of 'Liberation Day' tariffs, this year it's uncertainty surrounding the ongoing Iranian War.”

— Jay Woods, Analyst at Freedom Capital Markets in New York

What’s next

Investors will continue to closely monitor the situation in the Strait of Hormuz and any developments in the ongoing tensions between the U.S. and Iran, as well as the impact on global oil prices and trade.

The takeaway

The ongoing tensions in the Strait of Hormuz, a critical global oil supply route, are causing significant uncertainty and volatility in energy markets, with resource-poor nations like Japan and South Korea taking steps to diversify their energy sources and transport routes to mitigate the impact.