Shares fall in Asia and oil prices gain as talks stall on ending the Iran war

TOKYO (AP) — Shares retreated in Asia and oil prices gained on Tuesday as diplomatic efforts to end the Iran war once again appeared to stall.

Despite a tenuous ceasefire, the Strait of Hormuz remains effectively closed. Much of Asia, including resource-poor Japan, relies on that route for its oil shipments.

Japan's benchmark Nikkei 225 fell 1% to 59,917.46 after the central bank opted to keep its key interest rate unchanged at 0.75%.

The Bank of Japan said that while the economy was still growing moderately it was expected to slow as the war pushes for crude oil and other products higher. The vote by its monetary policy board at 6-3 was not unanimous. Pressures have been growing for Japan to gradually raise interest rates after keeping them near or below zero for years to combat deflation.

“There are various risks to the outlook," it said in a statement. “For the time being it is necessary to pay particular attention to the impact of the future course of the situation in the Middle East.”

Elsewhere in Asia, South Korea's Kospi edged up 0.4% to 6,641.02.

Hong Kong's Hang Seng dipped 1.1% to 25,642.69, while the Shanghai Composite shed 0.3% to 4,074.47.

Australia’s S&P/ASX 200 lost 0.6% to 8,710.70.

The price for a barrel of Brent crude to be delivered in June climbed $1.85 to $110.08. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose $2 to $103.69 per barrel.

Brent prices were at about $70 per barrel before the war and have briefly shot to nearly $120. Benchmark U.S. crude added $1.43 to $97.80 a barrel.

The U.S. Federal Reserve, European Central Bank, and Bank of England will also be announcing interest-rate decisions this week.

On Monday, the S&P 500 inched 0.1% higher to its latest all-time high, at 7,137.91, a downshift following weeks of big gains driven by strong corporate profit reports and hopes that the economy can avoid a worst-case scenario despite the war.

The Dow Jones Industrial Average dipped 0.1% to 49,167.79. The Nasdaq composite index edged 0.2% higher.

Investors are also looking ahead to earnings reports from some of Wall Street’s most influential stocks, including Alphabet, Amazon, Meta Platforms, Microsoft and Apple.

In the bond market, Treasury yields ticked higher following the rise in oil prices. The yield on the 10-year Treasury note rose to 4.33% from 4.31% late Friday.

In currency trading early Tuesday, the U.S. dollar inched down to 159.04 Japanese yen from 159.42 yen. The euro cost $1.1702, down from $1.1720.

Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

People past an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, April 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board chart showing Japan's Nikkei index at a securities firm, Tuesday, April 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm, Tuesday, April 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, April 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Tuesday, April 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

BEKASI, Indonesia (AP) — Rescuers finished removing victims from a damaged commuter train car Tuesday, confirming that the crash outside Indonesia’s capital killed 14 people, all of whom were women.

The crash occurred Monday when a long-distance train crashed into the rear car of the stopped commuter train at Bekasi Timur Station outside Jakarta. The car was one designated for women only, a common accommodation to stop harassment.

A total of 84 injured people were taken to hospitals for treatment, said Bobby Rasyidin, CEO of state-owned railway company PT Kereta Api Indonesia. The bodies of the dead were taken to a hospital for further identification.

Rescue teams completed the evacuation of all victims from inside the wreckage about midmorning. "There are no further casualties,” said Mohammad Syafii, the head of the National Search and Rescue Agency.

All 240 passengers on the Argo Bromo Anggrek long-distance train were safe, officials said.

Police were investigating the cause of the accident, Jakarta Police Chief Asep Edi Suheri told reporters at the scene.

The Indonesian Ministry of Transportation said in a written statement that authorities believe the incident began when another commuter train hit a stalled taxi near Bekasi Timur Station.

That led staff to stop a second commuter train at the station, where it was struck by a long-distance commuter train.

“As for the chronology of events, we are leaving it to the National Transportation Safety Committee to investigate the cause of tonight’s train accident in greater detail,” Rasyidin said.

Accidents are common on Indonesia’s aging railroad network. In January 2024, two trains collided in West Java province, killing at least four people.

Associated Press writer Niniek Karmini in Jakarta, Indonesia, contributed to this report.

Rescuers carry the body of a victim of a train collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)

A relative of a victim of a train collision weeps in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)

Passengers are being rescued after a train collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo)

People who are injured in a train collision are treated at a hospital, in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Achmad Ibrahim)

Rescuers carry the body of a victim of a train collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)

Workers examine the wreckages of trains after a collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)

Relatives of victims comfort each other after a train collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)

Workers and rescuers examine the wreckage following a train collision in Bekasi, Indonesia, Tuesday, April 28, 2026. (AP Photo/Tatan Syuflana)