Japan, South Korea stocks open higher as investors assess Trump’s Iran war comments, extended deadline

President Donald Trump on Sunday issued a fresh round of threats to attack Iran’s power plants and civilian infrastructure starting Tuesday, if Tehran failed to fully reopen the Strait of Hormuz.

The key oil chokepoint between Iran and the Arabian Peninsula handled about one-fifth of the world’s oil supplies before the war between U.S.-Israel and Iran started on Feb. 28.

In an expletive-laden social media post, Trump vowed to bring “Hell” to Iran after U.S. forces rescued an American airman in Iran last week.

He later posted about a “Tuesday 8 P.M. Eastern Time” deadline without elaborating. The White House on Sunday told MS NOW that the date is the new deadline for Iran to reach a deal with the U.S.

Trump said he will hold a press conference “with the Military” at the Oval Office at 1 p.m. on Monday.

Iran has pushed back against Trump’s ultimatum to reopen the Strait of Hormuz, saying that the critical waterway would only reopen fully after damage from the war is compensated. Tehran has continued strikes on economic and infrastructure targets in the neighboring Gulf region, including Kuwait’s oil headquarters.

Eight members of the Organization of the Petroleum Exporting Countries and allies raised their production quotas on Sunday by 206,000 barrels per day for May, though the move appeared largely symbolic as the war has constrained shipments from several members.

The U.S. West Texas Intermediate for May was up 2.57% at $114.11 per barrel. International benchmark Brent crude had gained about 2.62% to $111.65 per barrel as of 7:51 p.m. ET.

Japan’s Nikkei 225 jumped 0.62%, and the broad-based Topix gained 0.23%.  

South Korea’s blue-chip Kospi advanced 1.8% while the small-cap Kosdaq gained 0.98%.

Many markets in Asia are closed on Monday for holidays as Australia, New Zealand, and Hong Kong celebrate Easter, while mainland China and Taiwan celebrate Qingming Festival, the tomb-sweeping holiday.