Global stocks wavered on Tuesday, while oil prices were perched near US$110 per barrel as the prospect of escalation in the war in the Middle East and the looming deadline for a deal to be reached kept nervy investors on the sidelines.

Crude oil prices opened higher on Monday, with US benchmark West Texas Intermediate up 1.86 percent to US$113.62 a barrel, as the war in the Middle East continues to squeeze global energy supplies.

The proposed reforms were unveiled after index provider MSCI warned in late January that the country was ​at risk of being downgraded amid concerns about a lack of transparency around stock ownership and ​trading.

India sources most of its palm oil from Indonesia and Malaysia, while soy oil and sunflower oil are imported mainly from Argentina, Brazil, Russia and Ukraine.

Oil prices spiked and stocks sank on Thursday after Donald Trump reiterated that US forces would hammer Iran for another two to three weeks but offered no solution to the closure of the Strait of Hormuz that has crippled global markets.

Asian stock markets including Jakarta rallied Wednesday after US President Donald Trump said the Middle East war would be over in up to three weeks and his Iranian counterpart said Tehran had "the necessary will" to bring it to an end.

The dollar headed for its biggest monthly gain since July on Tuesday and stands out as the strongest so-called safe asset as war in the Middle East has set oil prices surging, nearly everything else sinking and raised the risk of global recession.

Japan stepped up yen intervention threats and signaled that further falls in the currency could justify a near-term interest rate, as policymakers grow increasingly concerned about inflationary pressures from the Middle East war.

Indonesia, Vietnam, Thailand, the Philippines and Sri Lanka are lining up ‌to buy Russian oil as the Iran war blocks supplies, raising the possibility that demand may exceed supply.

Fears of an inflationary aftershock from soaring energy prices have pushed traders to price out any chance of a Federal Reserve rate cut this year, lifting the dollar.

Following the Nyepi-Lebaran long holiday, the bourse resumed trading on March 25 with a positive tone that was mirrored by regional markets on investor sentiment buoyed by reports that Washington was exploring diplomatic channels for de-escalation with Tehran.

The inaugural event, to be held on May 12 at The Langham, Jakarta, is arranged to reflect Indonesia’s unique tourism realities while addressing the evolving demands of travelers, brands and capital. 

Stock markets in Tokyo and Seoul spiked by more than three percent at one point, while those in Hong Kong, Sydney, Shanghai, Singapore, Wellington and Taipei also rallied.

Markets were taken on a rollercoaster ride at the start of the week after Trump added five days to his Saturday ultimatum for Iran to reopen the Strait of Hormuz within 48 hours, citing productive talks with unidentified Iranian officials, which Tehran has denied.

The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary" due to the Iran war, Executive Director Fatih Birol said on Monday.

Iran said on Sunday it would strike the energy and water systems of its Gulf neighbors if US President Donald Trump followed through with a threat to hit Iran's electricity grid in 48 hours.

The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, United States Treasury Secretary Scott Bessent posted on X.

President Donald Trump said Friday that he was considering "winding down" military operations against Iran, as the United States temporarily eased sanctions on Iranian oil shipments to stem a global supply crisis.

Iran's huge Pars gas field was hit on Wednesday in the first reported strikes on Iranian energy infrastructure in the Gulf during the US-Israeli war, a major escalation that prompted Tehran to warn its neighbors to evacuate their energy installations.

Asia spot LNG prices have doubled to three-year highs in the second major supply shock in four years, as shipping through the Strait of Hormuz has all but stopped and No.2 global exporter Qatar has halted shipments. 

International Energy Agency chief Fatih Birol said Monday more strategic oil stocks could be released if necessary to limit the fallout of from the near complete blockage of supplies through the Strait of Hormuz owing to the war on Iran.

Oil prices hovered around US$100 a barrel Monday and stocks fluctuated as the Iran war moved into a third week with both sides showing no sign of backing down and diplomats trying to ensure safe passage for tankers through the crucial Strait of Hormuz.

The bourse is racing against time as it tries to finish new rules on formalizing a minimum free float hike from 7.5 to 15 percent as part of its proposed solution to MSCI, with the Nyepi-Idul Fitri extended holiday just around the corner.

Iran warned it could target United States "hideouts" in the United Arab Emirates as a major UAE energy hub suffered disruption after a drone attack on Saturday, and US President Donald Trump said "many countries" would send warships to the region.

Indonesia exported around $2.5 billion worth of coffee products last year, excluding instant coffee, with most of the products shipped to the United States, Belgium, Germany and Egypt.

Asian stocks slumped on Friday, poised for a second straight weekly decline as fast-dwindling hopes of a resolution to the US and Israel's war with Iran kept oil prices aloft, casting a shadow over global markets and spurring inflation fears.

A prolonged disruption of maritime traffic in the Middle East could paralyze high-pressure acid leaching (HPAL) operations to produce mixed hydroxide precipitate (MHP) in Indonesia, an industry group has warned, given the country’s heavy reliance on sulfur shipments from the region.