\n<\/p>\n
HONG KONG (AP) \u2014 Asian stocks mostly retreated and oil prices jumped on Monday after U.S. President Donald Trump warned Tehran that the \u201cclock is ticking\u201d as U.S.-Iran negotiations over a permanent end to the war<\/a><\/span> stall.<\/p>\n U.S. futures fell and markets in Japan and South Korea pulled further back from their records. Tokyo\u2019s Nikkei 225 fell 1% to 60,815.95, a decline led by technology-related stocks. It reached all-time intraday high levels last week above 63,000.<\/p>\n The yield on the 10-year Japanese government bond surged to as high as 2.8%, its highest level since the late 1990s, part of a shift toward higher yields as the Bank of Japan gradually raises interest rates and higher energy costs raise expectations of rising inflation. That\u2019s up from around 2.55% just one week ago.<\/p>\n Seoul\u2019s Kospi climbed 0.3% to 7,516.04 after trading lower earlier in the day. It crossed the 8,000 mark for the first time on Friday, supported by buying of technology shares driven by the boom in artificial intelligence, but later declined partly on profit-taking by investors.<\/p>\n Hong Kong\u2019s Hang Seng lost 1.4% to 25,596.68. The Shanghai Composite index edged 0.1% lower to 4,131.53, after China reported weaker-than-expected retail data for April. <\/p>\n Australia\u2019s S&P\/ASX 200 declined 1.5% to 8,505.30.<\/p>\n Taiwan\u2019s Taiex dropped 0.7%, while India\u2019s Sensex fell 0.1%.<\/p>\n Oil prices rose after Trump warned Iran in a social media post that \u201cthe Clock is Ticking, and they better get moving, FAST, or there won\u2019t be anything left of them\u201d following a call with Israeli Prime Minister Benjamin Netanyahu.<\/p>\n Trump has set deadlines for Iran<\/a><\/span> and then backed off, so investors have remained cautious about the situation in the Strait of Hormuz<\/a><\/span> and how it is impacting global energy flows, including oil and gas. The strait is still mostly closed, and the U.S. has also imposed its own sea blockade<\/a><\/span> on Iranian ports since last month.<\/p>\n A drone strike over the weekend on a United Arab Emirates\u2019 nuclear power plant added to worries over a potential escalation in the conflict. <\/p>\n Brent crude, the international standard, gained 0.7% to $110.02 per barrel. It was trading at roughly $70 a barrel in late February before the start of the Iran war. Benchmark U.S. crude was trading 0.8% higher to $106.31 per barrel.<\/p>\n \u201cRe-escalation risks are increasing,\u201d ING commodities strategists Warren Patterson and Ewa Manthey wrote in a research note. While there has also been a pick up on shipping activities over the past week around the strait, they said, \u201cthis can change quickly.\u201d<\/p>\n The pair also noted that the oil market was reacting to the lack of tangible results on the Iran war after last week\u2019s widely-watched summit<\/a><\/span> between Trump and Chinese President Xi Jinping in Beijing, even as the White House said both the U.S. and China had agreed that the Strait of Hormuz must remain open. <\/p>\n U.S. officials had hoped that Beijing could use its influence, given its economic ties with Iran, to help broker a peace agreement and reopen the strait. Trump said last week in an interview that Xi told him China \u201cwould like to be of help\u201d<\/a><\/span> in negotiating an end to the war. So far it\u2019s been unclear how Beijing might do that.<\/p>\n The yield on the U.S. 10-year Treasury was at around 4.60%, up from 4.47% last Thursday and sharply higher than the nearly 4% level it was holding at before the Iran war.<\/p>\n On Friday, the benchmark S&P 500 dropped 1.2% from the record it set the day before. The Dow Jones Industrial Average fell 1.1% and the technology-heavy Nasdaq composite lost 1.5%.<\/p>\n In other dealings early Monday, the U.S. dollar rose to 158.86 Japanese yen from 158.62 yen. The euro was trading at $1.1635, up from $1.1622.<\/p>\n<\/p><\/div>\n