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Last updated: May 27, 2026, 8:31 PM ET

Energy & Commodities

Oil edged higher as the US and Iran remained deadlocked over reopening the Strait of Hormuz, with the conflict entering its fourth month. Meanwhile, gold held losses for a second consecutive day as the lack of progress in US-Iran peace talks continued to pressure interest rates and maintain elevated inflation risks. President Trump dismissed economic concerns as factors that would force him into an Iran deal, while also threatening Oman with serious repercussions if Iran and Oman proceed with a deal to open the strategic waterway.

Asian Markets

Asian stocks were set to edge lower as investors weighed conflicting signals over prospects for a deal to end the war in Iran and restore energy flows through the Strait of Hormuz. The geopolitical tensions overshadowed positive corporate developments in the retail sector, with Dick's Sporting Goods reporting higher fiscal first-quarter sales due to progress in turning around Foot Locker. In Canada, financial markets reacted positively as Bank of Montreal and rival lenders announced dividend hikes following earnings growth, signaling confidence in the banking sector's stability.

Specialty Markets

Hong Kong is poised to launch a gold-clearing system to establish itself as Asia's preeminent hub for bullion trading, leveraging first-mover advantage in the region. Meanwhile, the nuclear power sector saw continued investor interest as Newcleo prepared for a SPAC listing that values the developer at approximately $2.4 billion, reflecting growing demand for nuclear energy solutions to power artificial intelligence infrastructure. This trend comes as nuclear companies increasingly go public to meet the surging power demands of AI technologies.

Geopolitical Impact

The Trump administration's approach to foreign policy continued to create market uncertainty as a system of "fuzzy borders" emerged where powerful states treat territory as negotiable. This geopolitical shift was underscored by Senator John Cornyn's landslide defeat to his MAGA-aligned challenger Ken Paxton by 28 percentage points in a Texas runoff, demonstrating Trump's firm grip on the GOP. Despite these developments, Trump expressed indifference to potential midterm election consequences from the Iran war, suggesting his administration's foreign policy priorities remain unchanged despite potential economic fallout.