Asian markets settled mostly higher in thin trade on Monday, as most regional markets remained closed for holidays. Chinese and Hong Kong markets were shut to celebrate the Qingming Festival, while Taiwan market also closed for the tomb-sweeping holiday. Investors turned cautiously optimistic on prospects for a Middle East ceasefire. The US, Iran, and a group of regional mediators are reportedly negotiating terms for a potential 45-day truce that could pave the way for a lasting resolution to the conflict, even as US President Donald Trump threatened to intensify military strikes on Iran if it did not make a deal and reopen the Strait of Hormuz by this Tuesday deadline. Japan’s Prime Minister Sanae Takaichi told lawmakers recently that Japan was releasing its reserves and was working on alternative routes. South Korea’s trade ministry said it plans to dispatch at least five ships to Saudi Arabi in the coming weeks to establish new oil transport routes in the Red Sea.