Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, amid a sharp pullback by the price of crude oil as market sentiment improved on hopes that more oil tankers could soon pass through the Strait of Hormuz. US President Donald Trump called on other countries to send naval escorts to protect vessels in the Strait of Hormuz. Asian markets closed mixed on Monday.
Tehran has also reportedly allowed a limited number of ships from certain countries, including Pakistan, India, and Turkey, to transit the critical waterway.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.