Oil prices and stocks were mixed today as early optimism fuelled by Donald Trump’s decision to push back a deadline for Iran to reopen the Strait of Hormuz petered.

Global oil prices initially fell more than one percent Friday but were mixed in late Asian trade, having tumbled Thursday.

Brent is up almost 50 percent since the war began on February 28, while West Texas Intermediate has risen around 40 percent.

Shares in Tokyo, Seoul, Sydney, Wellington, Taipei, Mumbai, Jakarta and Manila were sharply lower, but Hong Kong, Shanghai, Singapore and Bangkok rose.

Investors are increasingly sceptical about the messaging from the White House, with Trump often flipping between threats and talk of peace.

‘A 10-day extension sounds like breathing room, but in market terms, it feels more like a trader rolling a losing position forward, hoping the next candle delivers what the last one refused to give,’ said SPI Asset Management’s Stephen Innes, referring to an investors analysis tool.

‘Time has been purchased, not clarity. And the market knows the difference.’

Key figures at around 7am UK time:

• Tokyo – Nikkei 225: DOWN 0.4 per cent at 53,373.07 (close)
• Hong Kong – Hang Seng Index: UP 0.6 per cent at 25,006.90
• Shanghai – Composite: UP 0.6 per cent at 3,913.72 (close)
• West Texas Intermediate: DOWN 0.4 per cent at $94.14 a barrel
• Brent North Sea Crude: UP 0.1 per cent at $108.10 a barrel