Asia Markets, May 3, 2026 — South Korean stocks surged to a fresh record on Monday, extending their strongest monthly performance in April, as investors assessed a new U.S. military initiative aimed at reopening commercial shipping through the Strait of Hormuz.
The Kospi index closed the session up more than 5% at 6,936.99, its highest level on record. Samsung Electronics and SK Hynix were among the standout movers, climbing 5.44% and 12.52%, respectively, to record intraday highs, lifted by positive sentiment following strong U.S. technology earnings reported last week.
Trump Announces Project Freedom
Over the weekend, President Trump announced a plan he is calling Project Freedom, a U.S. military effort to free civilian vessels that have been stranded in the Strait of Hormuz since the start of the Iran conflict. Trump outlined the initiative in a Truth Social post on Sunday, stating the effort would focus on getting civilian ships flagged in countries not affiliated with the conflict out of the contested waterway so they can freely and ably get on with their business.
U.S. Central Command confirmed shortly after that the operation would begin Monday, Middle East time, and would be backed by guided missile destroyers, over 100 land and sea based aircraft, multi domain unmanned platforms, and 15,000 service members.
Oil Prices Volatile but Steady
Oil markets remained unsettled as traders continued to price in the uncertainty surrounding Project Freedom and its potential to ease the supply crunch. West Texas Intermediate futures for June delivery rose 0.66% to $102.61 a barrel in early Monday trading, while international benchmark Brent crude futures gained 0.64% to $108.86 a barrel.
The Strait of Hormuz has remained effectively closed since the Iran conflict began in late February, triggering what the International Energy Agency has called the biggest supply shock in history.
Bitcoin Faces Key Resistance After 30% Surge
Crypto markets are also in focus Monday as Bitcoin attempts to hold its footing above $78,000 following a sharp 30% rally that has drawn renewed attention from traders and institutional investors alike. BTC/USD has broken out of a multi-month downtrend but is now approaching a cluster of key resistance levels that analysts say will determine whether the rally has staying power or runs out of momentum.
Crypto market participants are watching closely to see whether Bitcoin can clear those levels with conviction, as a confirmed breakout could open the door to further upside, while a rejection at resistance may trigger a near term pullback. The broader digital asset market has tracked the move higher, with several altcoins posting double digit gains over the past two weeks.
Broader Asia Pacific Markets Mostly Higher
Across the region, most major indexes traded in positive territory. Hong Kong’s Hang Seng index gained 1.41%, while India’s Nifty 50 added 0.47%. Australia’s S&P/ASX 200 was the notable exception, slipping 0.37% to 8,697.10. Markets in Japan and China were closed for public holidays.
U.S. Futures Edge Higher
U.S. stock futures pointed to a steady open on Wall Street. S&P 500 futures added 0.11% and Nasdaq 100 futures gained 0.33%, while Dow Jones futures slipped about 48 points, or 0.1%.
The moves follow a strong close on Friday, when both the S&P 500 and Nasdaq Composite rose to new all time intraday and closing highs. The S&P 500 gained 0.29% and the Nasdaq climbed 0.89%, though the Dow dipped 152.87 points, or 0.31%, bucking the broader trend.
With the Strait of Hormuz situation still unresolved and a major U.S. military operation now underway, markets are expected to remain sensitive to any developments in the region through the week ahead.
Follow daily finance coverage at Daily Finance for the latest on oil markets and the Strait of Hormuz situation.
