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April 10, 2026 – 02:24

(Bloomberg) — Oil rose and Asian stocks posted a modest gain as investors remained cautious amid a shaky Middle East ceasefire ahead of US-Iran talks this weekend.

Brent climbed about 1% to just under $97 a barrel as US President Donald Trump threatened Tehran over charging fees for vessels to use the Strait of Hormuz, a vital waterway that remains effectively shut. Trump also accused Iran of doing a “poor job” of letting energy supplies flow. The dollar strengthened against all its Group-of-10 peers.

MSCI’s equity gauge for Asia Pacific opened 0.4% higher, heading for its first weekly gain since February. Technology shares — seen as less impacted by the war in Iran — rallied after CoreWeave Inc. struck another, much larger $21 billion deal to supply computing power to Meta Platforms Inc. South Korean shares — a bellwether for artificial intelligence investment — jumped 2%.

US equity-index futures slipped 0.2% amid lingering tensions as Israeli strikes in Lebanon and the continued closure of the strait weighed on sentiment. Gold dropped 0.3% to about $4,750 an ounce, while Treasuries were a touch weaker.

Traders are watching the shaky ceasefire and planned US-Iran talks in Islamabad this weekend for clues on the market’s next move. While oil is headed for its biggest weekly loss in more than nine months and global stocks are set for a second week of gains, sustaining the rally will depend on confidence that the truce holds and oil flows smoothly through the Strait of Hormuz.

“Not much matters for the market other than the durability of the ceasefire, shipping volume through the Strait of Hormuz and ultimately, whether a bona fide permanent deal is struck,” said Bradford Smith, a fund manager at Janus Henderson Investors.

The mood is cautious in the market as Trump’s declaration signals the US may oppose any new arrangement where Iran uses leverage over the strait to charge tolls. Iran has previously suggested that the fees could be used to rebuild from the war.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu agreed to hold direct talks with Lebanon, with the focus on disarming Tehran-aligned Hezbollah. Trump has asked him for a scale-back in strikes to ensure the success of negotiations with Iran, NBC News reported.

“All eyes are now on Friday’s peace talks in Pakistan, where negotiators will attempt to bridge the wide gap between the two sides,” Tony Sycamore, a market analyst at IG Australia, wrote in a note.

During the US session, the S&P 500 Index closed 0.6% higher, overcoming a selloff in software shares to cap its longest winning run since October. The Nasdaq 100 gained 0.7%.

Elsewhere, data showed the US economy expanded at a slower pace than previously estimated in the final months of 2025. Consumer spending barely rose in February amid persistent inflation that’s set to accelerate due to the war.

“Even before the war, inflation pressures were especially acute in health care and financial services,” said Jeff Roach at LPL Financial. “We are a long way off from material improvement.”

What Bloomberg Strategists say…

“Falling FX volatility may further undercut the dollar as easing geopolitical premiums sap haven demand. With haven demand fading and volatility compressing, the dollar is losing a key pillar of support that had underpinned its recent strength.”

—Brendan Fagan, FX Strategist, Markets Live. For the full analysis, click here.

The latest US data don’t reflect the recent surge in energy prices, but Friday’s consumer price index will capture some of that impact, noted Bret Kenwell at eToro. Economists project a 0.9% increase in CPI — the sharpest one-month advance since 2022.

Corporate Highlights:

A $7 billion private credit fund managed by Carlyle Group Inc. capped redemptions after investors asked to pull 15.7% of the shares in the first quarter. CoreWeave Inc. has struck another, much larger $21 billion deal to supply computing power to Meta Platforms Inc. through 2032. Intel Corp. said Alphabet Inc.’s Google has committed to using future generations of its Xeon processors and other chips. Pacific Investment Management Co. is looking to sell a portion of the $14 billion of debt financing it’s providing for a massive Oracle Corp. data center in Michigan, according to people with knowledge of the matter. Chevron Corp. said its production fell as much as 6% in the first quarter due in part to the Iran war, echoing a similar disclosure from Exxon Mobil Corp. earlier this week. Tata Consultancy Services Ltd.’s quarterly earnings topped analysts’ estimates after the information technology provider curbed costs to cope with slowing demand in an era of geopolitical tensions. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 9:23 a.m. Tokyo time Hang Seng futures rose 0.7% Japan’s Topix rose 0.2% Australia’s S&P/ASX 200 fell 0.7% Euro Stoxx 50 futures fell 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1689 The Japanese yen fell 0.1% to 159.19 per dollar The offshore yuan was little changed at 6.8313 per dollar Cryptocurrencies

Bitcoin fell 1% to $71,688.46 Ether fell 1.3% to $2,185.29 Bonds

The yield on 10-year Treasuries was little changed at 4.28% Japan’s 10-year yield advanced 2.5 basis points to 2.390% Australia’s 10-year yield advanced three basis points to 4.94% Commodities

West Texas Intermediate crude rose 0.6% to $98.47 a barrel Spot gold fell 0.3% to $4,754.38 an ounce This story was produced with the assistance of Bloomberg Automation.

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