Main PageSeptember 25, 2026

investingLive Asia-Pacific market news: Iran offers seven-day Hormuz dea

Summary:

  • Iran offered to reopen Hormuz and start nuclear talks within seven days of the US accepting its terms. Those terms are a return to the June memorandum, lifting the blockade, unfreezing some assets, restoring the oil sanctions waiver and ending Israel’s war in southern Lebanon. Araghchi is waiting in New York over the weekend for a US response. Oil edged lower.
  • Unconfirmed reports said Ukrainian drones hit Russia’s Perm refinery, adding to diesel supply worries
  • Gold edged up towards $4,290
  • The US 30-year yield hit near 5.5%, its highest since 2004, and the 10-year around 5.2%. JGB yields followed
  • Katayama said Trump raised weak-yen concerns with Takaichi. USD/JPY slipped to near 158.40, and Goldman cut its USD/JPY forecasts to 158, 155 and 150
  • The Nikkei and Topix were each up 1.2% at midday on chip stocks and dividend buying, while SoftBank fell. China, Korea and Taiwan were closed
  • Bitget confirmed a hack of about $352 million and said its protection fund covers the losses
  • Next week: the Trump AI meeting and an expected RBA hike to 4.60%, both on Tuesday

Iran has put a fast-track offer to end the war on the table, promising to reopen the Strait of Hormuz within seven days if Washington meets its terms. Foreign Minister Abbas Araghchi is staying in New York over the weekend to await a US response. Oil prices edged slightly lower during the Asian session as markets weighed the proposal.

The terms, set out by Araghchi and President Masoud Pezeshkian in meetings with the press and analysts, are consistent with Tehran’s negotiating position of recent weeks. The United States would need to:

  • return to the memorandum of understanding agreed in Islamabad in June
  • lift its naval blockade
  • release some frozen Iranian assets
  • reinstate its sanctions waiver on Iranian oil exports
  • end Israel’s war in southern Lebanon

Most of those steps would be due within the first four to five days. In return, Iran would reopen Hormuz and begin talks on its nuclear programme and the lifting of US sanctions within seven days of Washington accepting. The strait would reopen along a route largely within Iranian waters that has already been agreed with Oman, although Saudi Arabia is reported to have objections. The plan sharply accelerates the timetable in the June memorandum, but it is far from clear that Washington will accept it.

Energy markets also had a fresh supply risk to consider. Reports circulating on social media said Ukrainian drones struck Russia’s Perm oil refinery on Friday morning, leaving it on fire. Perm is one of Russia’s largest refineries and one of six that together produce around half of the country’s diesel. The reports had not been officially confirmed. If confirmed, the strike would add to strain in a diesel market where prices have hit record highs. Russia has already halted diesel exports, and Washington has been weighing curbs on US diesel exports, including a reported 90-day ban that Energy Secretary Chris Wright has disputed.

Gold edged higher towards $4,290 an ounce, recovering some ground after coming under pressure earlier in the week from a firmer dollar, expectations of further Fed tightening, and rocketing government bond yields.

In bond markets, the global sell-off continued to set the tone. The US 30-year Treasury yield rose to near 5.5% overnight, its highest since 2004. The 10-year reached around 5.2% on stronger-than-expected US data and firmer bets on further Fed hikes. US mortgage rates have climbed to around 7%. Japanese government bond yields followed Treasury yields higher.

In currencies, the yen drew support from Tokyo. Finance Minister Satsuki Katayama said President Donald Trump had raised concerns about the weak yen during his summit with Prime Minister Sanae Takaichi, who told him that an undervalued yen is a problem. Katayama said Japan would coordinate closely with the US on currency matters, and USD/JPY slipped to near 158.40. Separately, Goldman Sachs cut its USD/JPY forecasts to 158, 155 and 150 over three, six and 12 months, from 162, 163 and 165. It cited faster Bank of Japan tightening, possible repatriation of Japanese capital and the risk of intervention. Other major currencies traded quietly.

Japanese shares rose, with the Nikkei and Topix both up 1.2% by the midday break. Chip stocks led the gains, with Tokyo Electron and Advantest the biggest contributors, and investors bought ahead of Monday’s deadline to qualify for interim dividends. SoftBank Group bucked the trend after Oracle shares fell overnight on a report of power-related delays at a large New Mexico data centre. SoftBank is a co-investor with Oracle and OpenAI in the Stargate AI infrastructure project. Trading across the region was thin, with mainland China, South Korea and Taiwan all closed for holidays.

In crypto, exchange Bitget confirmed that about $352 million was taken from its hot and warm wallets on September 24, potentially the largest hack of the year. The company said attackers breached a backend wallet system and forged transfers, rather than stealing private keys. Its chief executive said North Korea was highly likely responsible. Withdrawals have been paused and cold wallets are secure. The exchange says a user protection fund of around $465 million, backed by around $1 billion in capital, covers the losses. Bitget’s BGB token was trading around $1.96, only 3% to 5% below pre-hack levels, although the real test will come when withdrawals resume.

Looking ahead, President Trump, House Speaker Mike Johnson and technology chief executives are due to meet on AI on Tuesday, September 29, as pressure mounts on Washington to regulate the industry. The Reserve Bank of Australia also announces its decision on Tuesday. Nearly all economists polled expect a 25 basis point hike to 4.60%, a near 15-year high and the fourth increase this year, and most see it as the final move of the cycle.

This article was written by Eamonn Sheridan at investinglive.com.