Asia markets set for mixed open as oil falls on Hormuz reopening hopes

Asia-Pacific markets were set to open mixed Monday after reports that the crucial Strait of Hormuz could reopen soon pushed oil prices down and lifted investor sentiment.

President Donald Trump said in a Truth Social post that negotiations with Iran were "proceeding in an orderly and constructive manner," adding that he has told his representatives "not to rush into a deal in that time is on [their] side."

Oil prices fell more than 5% after Trump's comments, easing pressure on investors. Prices had climbed sharply after the Trump administration imposed a blockade on Iranian ports and Tehran effectively closed the Strait of Hormuz, one of the world's most important energy waterways.

The West Texas Intermediate futures for June was 5.07% lower at $91.7 per barrel in early Asia trade. ET. Brent crude futures for July fell 5.12% at $98.24 per barrel.

Japan's Nikkei 225 was poised to rise, with the Chicago futures contract at 64,175, compared with the index's previous close of 63,339.07.

In Australia, futures last traded at 8,627, slightly lower than the S&P/ASX 200′s closed at 8,657.

Markets in Hong Kong and South Korea are closed for a public holiday.

U.S. markets will also be closed on Monday in observance of Memorial Day.

During Friday's regular session, the Dow Jones Industrial Average gained 294.04 points, or 0.58%, to end at 50,579.70. The 30-stock index hit an intraday all-time high and posted another record close. The S&P 500 rose 0.37% to settle at 7,473.47. The Nasdaq Composite climbed 0.19%, ending at 26,343.97.

— CNBC's Spencer Kimball, Liz Napolitano and Yun Li contributed to this report.