Asian Shares Slip as Oil Prices Climb on Iran Risk

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On April 23, 2026, Asian shares retreated from record levels as rising oil prices tied to Iran risk unsettled investors, cooling a technology-driven rally. The shift reflects growing caution despite strong momentum from Wall Street.

Asian Markets Retreat as Oil Rally Tests Investor Nerves

Asian shares stepped back from historic peaks, with investors locking in gains after a powerful surge by technology stocks. The pullback came even as Wall Street delivered fresh milestones, with the S&P 500 rising 1 per cent and the Nasdaq jumping 1.6 per cent overnight, buoyed by resilient earnings.

MSCI’s broad Asia-Pacific index outside Japan, which earlier touched 831.56 points, reversed course to trade down 0.7 per cent. Japan’s Nikkei also swung from a fresh high to a decline exceeding 1 per cent, while regional markets mirrored the pattern of early strength followed by retreat.

Oil Prices Climb as Iran Risk Intensifies

Oil prices extended gains for a fourth session, with Brent crude rising 1.3 per cent to US$103.18 per barrel after a 3.5 per cent overnight surge above US$100. The escalation follows Iran’s seizure of two container ships near the Strait of Hormuz, heightening supply concerns.

The surge in oil prices is increasingly acting as a reality check, tempering equity optimism and injecting volatility into global markets.