Asian stocks slip as Gulf clashes keep oil above $100

Asian stock markets fell on Tuesday, May 5, 2026, while oil prices stayed elevated, as renewed military action between the United States and Iran in the Gulf weighed on risk appetite.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Australian shares dropped 0.4% in thin trading, with markets in Japan and South Korea closed for a holiday. In early moves elsewhere, Nasdaq and S&P 500 futures each edged down about 0.1%. EUROSTOXX 50 futures slipped 0.2%, while sourcesSE futures fell 0.75%.

The latest market moves followed new attacks in the Gulf on Monday, as the U.S. and Iran sought to assert control over the Strait of Hormuz through competing maritime blockades. The developments came asourceser U.S. President Donald Trump launched an initiative to help stranded tankers and other ships transit the key energy-trade chokepoint.

Maersk said its U.S.-flagged vehicle carrier, the Alliance Fairfax, transited the Strait of Hormuz on Monday accompanied by U.S. military assets.

In oil markets, Brent crude futures fell 0.5% to $113.85 a barrel, and U.S. crude slid 1.3% to $105.03. Even with the pullback, prices remained above $100 per barrel, reflecting continued concern over potential supply disruptions.

Traders were also watching the Japanese yen asourceser the currency briefly surged in the previous session, prompting speculation that Tokyo could intervene to support it.