TOKYO (AP) — Global shares mostly declined on Tuesday as recent enthusiasm cooled and markets faced uncertainty about efforts to end the war in Iran.

France's CAC 40 dipped 1.0% in early trading to 8,313.86, while the German DAX fell 1.6% to 24,746.63. Britain's FTSE 100 declined 0.6% to 10,379.26. U.S. shares were set to drift lower with Dow futures down 0.7% at 51,774.00. S&P 500 futures fell 1.5% to 7,429.25.

Earlier in Asia, Japan's benchmark Nikkei 225 lost 3.6% to finish at 69,788.38.

“We’ve had eight days of strong markets,” said Neil Newman, head of strategy at Astris Advisory Japan. “Now it has cooled off a bit.”

Australia's S&P/ASX 200 was down 0.3% at 8,787.00. South Korea's Kospi tumbled 10.0% decline to 8,203.84, dropping from previous record highs due to a sell-off in major technology issues. Signs of greater regulatory scrutiny in the country's semiconductor sector also added to the hand-wringing.

Hong Kong's Hang Seng slipped 1.8% to 23,336.28, while the Shanghai Composite shed 1.4% to 4,106.25.

In the oil market, prices fell following talks over the weekend between the United States and Iran on their war. U.S. Vice President JD Vance said they created a “good foundation for a successful final deal.”

An end to the war could open the Strait of Hormuz for oil tankers and allow for the full resumption of deliveries from the Persian Gulf. Iran’s military said Saturday that it had closed the strait again, though U.S. Central Command has disputed that.

On Tuesday, benchmark U.S. crude fell 73 cents to $73.58 a barrel. Brent crude, the international standard, lost 43 cents to $77.47 a barrel.

In currency trading, the U.S. dollar edged down to 161.43 Japanese yen from 161.52 yen. The euro cost $1.1407, down from $1.1431.

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AP Senior Producer Mayuko Ono in Tokyo contributed to this report.

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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama