Oil prices rose, bonds fell and stocks were mixed at the start of trading in Asia on Monday as US President Donald Trump vowed “hell” if Tehran does not meet his deadline to reopen the Strait of Hormuz, reports Reuters.

With liquidity thin as many countries around the region observed holidays on Monday, S&P 500 e-mini futures sank 0.2 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5pc.

The Nikkei 225 rose 1.2pc, as South Korea’s Kospi advanced 2pc. Brent crude futures opened higher, rising 1.4pc to $110.58 a barrel after members of the OPEC+ agreed to raise its oil output quotas by 206,000 barrels per day for May.

However, the increase will exist only on paper for several major producing countries behind the Strait of Hormuz that have sustained damage to oil production facilities and transport infrastructure since the war started.

“This week will continue to be dominated by developments in the Middle East, though a heavy slate of data releases including the FOMC March minutes, February personal income, and March CPI will compete for attention,” said Yardeni Research president and chief investment strategist Ed Yardeni, referring to the Federal Open Market Committee which sets US monetary policy.