Asian Stocks Rise, Oil Steady on Mideast Signals

Asian stock markets edged higher and oil prices stabilized on Monday as investors took encouragement from tentative diplomatic signals in the Middle East conflict, even as a busy week of corporate earnings and economic data loomed.

President Donald Trump announced that the United States would launch an operation Monday morning to free ships stranded in the Strait of Hormuz, though he provided no specifics. A U.S. Central Command statement outlined support including guided-missile destroyers, more than 100 land- and sea-based aircraft, and 15,000 service members. Iran stated earlier that it had received a U.S. response to its 14-point proposal through Pakistan and was reviewing it, but Trump described the response as unlikely to meet Iran's expectations.

The Strait remained a flashpoint after a bulk carrier reported an attack by multiple small craft while transiting near Iran's port of Sirik on Sunday. Dealers questioned how many vessels would attempt passage despite potential Navy escorts.

Brent crude futures held steady at $108.30 per barrel after recovering from an early drop exceeding 2 percent, while U.S. crude traded flat at $102.01 per barrel.