Market Highlight 26.05.2026

Prospects for a viable peace agreement between the US and Iran sent global oil prices lower while equity markets rallied on Monday. Brent crude dropped over 5% to below $95 per barrel, the lowest since mid-April, though still $20 above pre-war levels. Benchmark indices in Asia and Europe surged, led by Japan and Taiwan, each up around 3%, while US and UK stock and bond markets were closed for public holidays. A full reopening of the Strait of Hormuz would ease a significant burden on the global economy. Energy and fertilizer prices had spiked following the US attack on Iran, fueling higher global inflation. Still, markets and economists remain skeptical of peace deal headlines. Optimistic signals from weekend negotiations are nothing new, and any benefits from a potential agreement would likely take months or longer to materialize.

The USD weakened against major currencies on Monday amid hopes of a deal to reopen the Strait of Hormuz, even as the US and Iran downplayed the chances of a near-term breakthrough. If a peace deal is signed, the USD is expected to soften in the short term. However, with a stronger economic foundation than other leading economies, the dollar’s resilience has been maintained this year.

The interbank USD/VND exchange rate fell nearly 15 VND yesterday, closing the afternoon session at 26,355. The central reference rate was raised by 2 VND from last Friday, setting the ceiling at 26,392.

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