Asia markets set for mixed open as oil falls on Hormuz reopening hopes

A Currency trader work at the foreign exchange dealing room of the KEB Hana Bank head quarters in Seoul, South Korea, on 2 November 2016. Japans Nikkei 225 index fell 1.8 percent to 17,118.29 as the yen rose against the U.S. dollar. The Hang Seng of Hong Kong dropped 1.4 percent to 22,819.92 and South Koreas Kospi dropped 1.4 percent to 1,979.13. The S P ASX/200 of Australia sank 1.2 percent to 5,229.00 and the Shanghai Composite lost 0.5 percent to 3,106.66. Shares also fell in Southeast Asia and Taiwan. (Photo by Seung-il Ryu/NurPhoto via ) Nurphoto | Nurphoto | Asia-Pacific markets were set to open mixed Monday after reports that the crucial Strait of Hormuz could reopen soon pushed oil prices down and lifted investor sentiment. President Donald Trump said in a Truth Social post that negotiations with Iran were "proceeding in an orderly and constructive manner," adding that he has told his representatives "not to rush into a deal in that time is on [their] side." Oil prices fell more than 5% after Trump's comments, easing pressure on investors. Prices had climbed sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world's most important energy waterways. The West Texas Intermediate futures for June was 5.07% lower at $91.7 per barrel in early Asia trade. ET. Brent crude futures for July fell 5.12% at $98.24 per barrel. …