Asian stock markets saw a decline as investors reduced their positions before the weekend, with the MSCI Asia Pacific Index falling 0.4%, breaking a three-day upward trend. This dip came in the wake of a significant 10-day rally in global equities, which had reached record highs due to optimism surrounding the US-Iran ceasefire. President Donald Trump expressed hope for a permanent ceasefire with Iran, contributing to a 1.3% decrease in global crude oil prices, which settled at $98.14 per barrel. Investors are closely monitoring the situation as talks regarding the reopening of the Strait of Hormuz could ease crude oil flows and alleviate economic pressures. Despite the recent gains in stock markets, analysts warn that the economic impact of the ongoing conflict may be underestimated. The US dollar has weakened as traders look to riskier assets, with banks like Deutsche Bank AG and Wells Fargo & Co. suggesting that the dollar's haven rally may be over. Additionally, Netflix Inc. saw a decline in after-hours trading due to a disappointing second-quarter forecast.