Asian shares edged higher and oil prices were largely flat on Monday as investors weighed mixed signals on Middle East de-escalation, a surge in the yen, and a packed week of earnings and economic data.

The Japanese yen saw a sudden spike during Asian trading, with the dollar falling as much as 0.9% to 155.7 yen before paring losses. The move raised speculation of another round of intervention by Tokyo, which stepped in last week to support its currency.

President Donald Trump announced that the U.S. would begin operations to free stranded ships in the Strait of Hormuz, but provided no specifics. A U.S. Central Command statement said support would include guided-missile destroyers, over 100 aircraft, and 15,000 troops. Axios later reported the Navy might not necessarily escort vessels through the strait. Iran said it was reviewing the U.S. response to its 14-point proposal, though Trump indicated the terms were unlikely to be acceptable.

Brent crude futures inched up 0.2% to $108.36 a barrel, recovering from an initial drop of more than 2%. U.S. crude eased 0.1% to $101.85. Dealers noted a bulk carrier reported being attacked by small craft near Sirik, Iran, on Sunday, raising doubts about how many ships would risk the Strait of Hormuz even under Navy protection.

Japan's holiday resulted in thin trade, with Nikkei futures modestly higher at 59,810. MSCI's broadest index of Asia-Pacific shares outside Japan gained 3%, led by South Korea's tech-heavy KOSPI, up 4.6% after returning from a holiday. Hong Kong's Hang Seng added 1.7%.

European futures pointed higher, with EUROSTOXX 50 and DAX futures each up 0.3%. S&P 500 and Nasdaq futures rose 0.1% and 0.3%, as markets brace for over 100 earnings reports this week, including Advanced Micro Devices, Super Micro Computer, Palantir, Walt Disney, and McDonald's.

Analysts at Goldman Sachs noted that S&P 500 EPS growth is running at 25%, with one-off gains adding 16%. They said corporate guidance and estimate revisions remain strong despite elevated energy prices and geopolitical uncertainty, but the reward for earnings beats has been unusually small.

Central banks are increasingly hawkish, with Australia's central bank expected to hike rates again on Tuesday. The Federal Reserve is now priced for just 2 basis points of easing by year-end, down from 11 bps a week ago. Markets imply 76 bps of rate hikes from the ECB and 63 bps from the Bank of England.

The week's key data includes the U.S. payrolls report for April on Friday, with median expectations for a gain of 60,000 jobs following March's 178,000 surge.

In currency markets, the dollar was slightly softer, last at 156.54 yen, after diving to 155.7 earlier. Analysts doubted that Monday's move was another intervention, citing thin holiday liquidity. The euro held flat at $1.1726, and the pound was steady at $1.3584.

Gold was unchanged at $4,610 an ounce.