Asian markets trade in a more cautious tone as early gains tied to news of a US-Iran preliminary agreement fade. Multiple outlets report that the initial optimism around a potential peace deal gives way to more measured expectations about developments in the Gulf. Despite the shift in sentiment, Asian stocks are described as modestly higher in early trading, with investors moving on from the headline-driven rally. Economic Times also notes that attention turns to forthcoming central bank decisions, including an anticipated rate hike by the Bank of Japan, which is expected to influence broader market direction. Oil prices remain subdued, reflecting ongoing uncertainty about energy flows and specifically concerns related to transit through the Strait of Hormuz. Overall coverage highlights a shift from deal-focused optimism to a broader focus on monetary policy and energy risk, with markets reflecting lingering caution about regional developments.