Asian shares trade mixed and Kospi falls nearly 4% as oil prices keep swinging

TOKYO (AP) — Asian shares were mixed Tuesday as uncertainty about what will happen with the Iran war roiled global markets.

Japan's benchmark Nikkei 225 lost 0.6% in morning trading to 60,433.79, erasing initial gains after the government reported that the economy grew for the second straight quarter in January-March, mainly due to better than expected consumer spending.

South Korea’s Kospi sank more than 4% in early trading and was down 3.5% at 7,249.73 by midday. Shares in Samsung Electronics slipped 3.8% and SK Hynix fell 4%, tracking losses in tech shares overnight on Wall Street.

Australia's S&P/ASX 200 added 0.9% to 8,582.80. Hong Kong's Hang Seng climbed 0.5% to 25,811.28, while the Shanghai Composite shed 0.3% to 4,121.11.

On Monday, the S&P 500 swiveled between gains and losses before finishing with a dip of 0.1% at 7,403.05, its second loss since setting an all-time high last week. The Dow Jones Industrial Average added 0.3% to 49,686.12, and the Nasdaq composite fell 0.5% to 26,090.73.

In energy trading, benchmark U.S. crude lost $1.36 to $103.02 a barrel. Brent crude, the international standard, dipped $1.99 to $110.11 a barrel.

Oil prices have been gyrating lately because of uncertainty over how long the Iran war will keep the Strait of Hormuz effectively closed, preventing oil tankers from delivering crude. Japan, for instance, imports just about all its oil, much of it previously through the strait.

The price for a barrel of Brent crude oil, the international standard was trading at about $70 before the war. It fell after President Donald Trump said in a social media post that he was holding off on a military strike on Iran planned for Tuesday because “serious negotiations” are underway to end the war.

In the bond market, the yield on the 10-year Treasury rose as high as 4.63% before falling back to 4.59%, where it was late Friday.

Delta Air Lines finished essentially flat after swinging up and down through the day because of oil prices. It got an early boost following news that Berkshire Hathaway had bought more than $2.6 billion of the airline’s stock. Berkshire Hathaway built a reputation as a value investor able to buy stocks at low prices under its former leader, Warren Buffett.

Investors are watching for Nvidia’s latest quarterly results, due Wednesday. The chip company has routinely blown past analysts’ expectations each quarter while forecasting more growth. Target, Home Depot and Walmart also report results this week.

In currency trading, the U.S. dollar rose to 158.96 Japanese yen from 158.84 yen. The euro cost $1.1643, down from $1.1657.

AP Business Writer Stan Choe contributed to this report.

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

Specialist Michael Pistillo. Left, and trader Fred's Demarco work on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

Asia markets index of Japan, South Korea and Australia is seen on a screen at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, May 14, 2026. (AP Photo/Ahn Young-joon)

A dealer walks near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)

A delivery person on a bicycle waits for a traffic light near an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 18, 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 Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)

LAS VEGAS (AP) — Formula 1 parent company Liberty Media, which also promotes the Las Vegas Grand Prix, has agreed to a settlement of about $3 million to end a class-action lawsuit brought by spectators regarding the inaugural 2023 race.

The opening-night practice session on Nov. 16, 2023, was halted after nine minutes when Carlos Sainz Jr. drove over a water valve cover that severely damaged his Ferrari. Practice didn't resume until the early morning hours of Nov. 17, ending at about 4 a.m. local time.

Fans were removed from the viewing areas before the 90-minute session took place.

Those who had tickets for only that practice session or bought three-night tickets are eligible for compensation under the settlement. Claims must be filed by Aug. 27.

Liberty Media and the Las Vegas Grand Prix did not admit fault under the settlement. A final approval hearing is scheduled for Nov. 4 at U.S. District Court of Nevada.

The $500 million race in 2023 was supposed to be F1's coming-out party on the Las Vegas Strip, and the practice-night crash as well as the disruptions to Las Vegas-area residents during months of preparation didn't make for a promising start.

But the race itself was among the best on the circuit that season, and Max Verstappen sang “Viva Las Vegas” as he crossed the finish line for his 18th victory that year.

F1 announced a 10-year extension last month that will keep the circuit in Las Vegas through at least 2037.

AP auto racing: https://apnews.com/hub/auto-racing

Mercedes driver Andrea Kimi Antonelli of Italy, center, steers his car during the Formula One Grand Prix at the Spa-Francorchamps racetrack in Spa, Belgium, Sunday, July 19, 2026. (AP Photo/Omar Havana)