Asia Wrap — 2026-04-28: Iran War Drives Oil to $110, BoJ Hawkish Hold Jolts Nikkei

Daily Market Briefing — AI synthesis of 30 top stories from the last 24 hours.

• Top theme: The Iran war dominated markets across the session — Brent crude surged to $110, its highest in three weeks, after reports Trump was unlikely to accept Iran's peace proposal, though CNN noted the two sides are 'not as far apart as they seem'; APAC equities sold off broadly on the uncertainty.
• Second theme: Energy sector saw stark divergence — BP posted a three-year profit high on 'exceptional' trading conditions, while Shin-Etsu Chemical withheld its full-year earnings guidance entirely, citing Iran-driven supply constraints and price volatility; CATL launched a $5bn share placement riding a surge in foreign interest in renewable energy stocks.
• Third theme: The Bank of Japan held its policy rate as widely expected but delivered a hawkish surprise via a 6-3 vote split, with dissenters flagging upside inflation risks; the yen outperformed across G10, JGBs initially gapped lower before retracing, and the Nikkei 225 underperformed regional peers on the hawkish read.
• Fourth theme: Geopolitical energy re-routing accelerated — ADNOC directed some term buyers to load cargoes off Fujairah outside the Strait of Hormuz; Iranian oil tankers were reported clustering near Chabahar just shy of the US blockade line; ADNOC separately announced plans to invest 'tens of billions' in US natural gas to diversify away from the conflict zone.
• Fifth theme: Markets face a critical near-term fork — Trump's imminent response to Iran's proposal will set the tone for oil and risk assets; Barclays and BP earnings are due in the London open, and yuan forex losses are emerging as a mounting earnings risk for Chinese corporates, with the yuan's strength compressing reported profits.

Full themes, ripple analysis, and what to watch on the article page.