TOKYO (AP) — Oil prices resumed their climb and Asian markets mostly declined Monday as the U.S. military prepared to blockade ships entering or leaving the Strait of Hormuz, where most shipping has been stalled by Iran since the start of the war.
U.S. President Donald Trump announced the planned blockade after U.S.-Iran ceasefire talks in Pakistan ended without an agreement, and the U.S. military said the blockade involving all Iranian ports would begin Monday at 10 a.m. EDT, or 5:30 p.m. in Iran.
Oil prices have been rising as shipping through the strait has essentially stalled since late February. Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times.
On Monday, benchmark U.S. crude jumped $8.38 or 8.7% to $104.95 a barrel. Brent crude, the international standard, rose $7.00, or 7.4%, to $102.23 a barrel.
Japan's benchmark Nikkei 225 lost 1.0% in morning trading to 56,357.40. Australia's S&P/ASX 200 shed 0.5% to 8,913.50. South Korea's Kospi dipped 1.1% to 5,795.15. Hong Kong's Hang Seng slipped nearly 1.5% to 25,513.42, while the Shanghai Composite fell 0.2% to 3,976.57.
Analysts said global trading was expected to remain turbulent for some time.
“The outcome of the talks was not really what people were hoping for, that’s for certain," Neil Newman, Managing Director, Head of Strategy at Astris Advisory Japan, said in Hong Kong.
“As we stand here at the moment, it doesn’t look very nice. Certainly, the oil prices are a big concern.”
Wall Street ended last week with a second weekly gain in a row. The S&P 500 inched 0.1% lower Friday after a day of choppy trading. The Dow Jones Industrial Average fell 0.6% and the Nasdaq composite rose 0.4%. But those gains came amid optimism over the weekend peace talks in Pakistan that was shattered by the later developments.
The yield on the 10-year Treasury climbed to 4.32% last Friday from 4.29% late Thursday.
All told, the S&P 500 fell 7.77 points to 6,816.89. The Dow dropped 269.23 points to 47,916.57, and the Nasdaq gained 80.48 points to close at 22,902.89.
In currency trading, the U.S. dollar gained to 159.74 Japanese yen from 159.25 yen. The euro cost $1.1687, down from $1.1729.
Associated Press journalists Mayuko Ono, Damian J. Troise and Alex Veiga contributed to this report.
Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 13, 2026. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 13, 2026. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 13, 2026. (AP Photo/Ahn Young-joon)
SAN ANTONIO (AP) — Three-time MVP Nikola Jokic exited after playing the first half of the Denver Nuggets' 128-118 victory against the San Antonio Spurs on Sunday night, making an appearance in his 65th game to qualify for NBA awards.
Jokic had 23 points, eight rebounds, two assists and a blocked shot while playing 18 minutes, 15 seconds in the first half of Denver's regular-season finale.
“I think he embraced it because how hard those guys were playing with him,” Nuggets coach David Adelman said. “There is a respect value there when he sees guys playing for opportunities. A guy like him who has done everything in this game, I think he respects that. I heard the ‘overrated’ (chant by Spurs fans). I don’t know about the overrated thing. He was on pace for 46 and 16, but anyway, it seemed like he had a good time out there.”
The NBA requires players to participate in 65 games to be eligible for MVP, All-NBA and Defensive Player of the Year honors. The NBA allows two exemptions of 15 to 19:59 minutes played to count as an official game. Jokic had one exemption remaining.
Jokic was listed as questionable with an injured right wrist, but entered the finale having played in 64 games.
Jokic did not speak to reporters after the game, exiting the locker room after grabbing his belongings.
Denver secured the No. 3 seed and will host Minnesota at 2:30 p.m. Saturday in the opening round of the playoffs.
The Nuggets set a franchise record with their 26th road victory and did so while executing their game plan for Jokic.
“Yeah, he’ll play the first half,” Adelman said before tipoff. “Then we’ll reconvene at halftime and see where he’s at, where the game’s at. It’s what the rules provide. So we’ll follow the rules.”
Jokic, who won MVP in 2021, 2022 and 2024, has been named to the All-NBA Team in seven of his 11 seasons.
Spurs All-Star Victor Wembanyama sat out after reaching eligibility in his previous game.
Wembanyama qualified for award eligibility by playing in his 65th game Friday, in San Antonio's 139-120 victory over Dallas.
Wembanyama competed in 64 regular-season games in addition to the NBA Cup Final, which does not count toward regular-season record or statistics, but does qualify as a game played.
Wembanyama suffered a left rib contusion and missed the second half of Monday's 115-102 victory against the Philadelphia 76ers. He returned Friday to post 40 points and 13 rebounds in 26:13 minutes against Dallas.
He was listed as questionable due to injury management and was ruled out after the Spurs' afternoon walkthrough.
“Yeah, he’s doing well, but just a little sore and felt it was the appropriate decision,” San Antonio coach Mitch Johnson said. “He was probably, to be honest, the closest call of the group, but just right in that kind of in between.”
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San Antonio Spurs forward Carter Bryant (11) dunks against Denver Nuggets center Nikola Jokic during the first half of an NBA basketball game, Sunday, April 12, 2026, in San Antonio. (AP Photo/Darren Abate)
San Antonio Spurs guard Devin Vassell shoots against Denver Nuggets' Nikola Jokic, left, Tyus Jones (5) and Jalen Pickett, right, during the first half of an NBA basketball game, Sunday, April 12, 2026, in San Antonio. (AP Photo/Darren Abate)
Denver Nuggets center Nikola Jokic (15) passes as he is guarded by San Antonio Spurs center Mason Plumlee during the first half of an NBA basketball game, Sunday, April 12, 2026, in San Antonio. (AP Photo/Darren Abate)
Denver Nuggets center Nikola Jokić, left, looks to pass the ball as Memphis Grizzlies forward Toby Okani defends in the first half of an NBA basketball game Wednesday, April 8, 2026, in Denver. (AP Photo/David Zalubowski)
Denver Nuggets center Nikola Jokić pulls in a loose ball in the first half of an NBA basketball game against the Memphis Grizzlies Wednesday, April 8, 2026, in Denver. (AP Photo/David Zalubowski)
