Asian stock markets are trading mixed on Monday, following the broadly positive cues from Wall Street on Friday, amid renewed escalation in U.S-Iran tensions after U.S. President Donald Trump and Iran rejected each other's latest peace proposals to end the war in the Middle East. Keeping the Strait of Hormuz largely closed is also sending crude oil prices surging and raising global inflationary concerns. Asian markets closed mostly lower on Friday.
Trump dismissed Iran's response to the US proposal to end the war. Trump described the response as "totally unacceptable" and accused Tehran of playing games, dampening hopes for an imminent resolution to the 10-week-long conflict.
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