Asian equities opened higher after US jobs data helped push stocks to new highs on Friday. Oil climbed as protests in Iran intensified.

Shares in Australia and South Korea and equity index futures for Hong Kong all gained, taking their guide from the S&P 500, which climbed 0.6% on Friday to close at an all-time high. US equity futures edged lower. Japanese financial markets are shut Monday for a holiday, which means there will be no trading of cash US Treasuries in Asia.

The rally in US equities Friday followed largely benign employment data that showed slightly fewer workers were added to the economy than economists forecast, while the jobless rate edged down to 4.4%. Separately, the US Supreme Court failed to weigh in on President Donald Trump’s tariffs, pushing into the future one risk hanging over markets.

The dollar edged lower in Asia after Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment related to his June congressional testimony on renovations of the Fed’s headquarters.

Gains for stocks in recent days underscore a fragile calm across global markets despite geopolitical uncertainty from Caracas to Tehran, lingering questions over Washington’s tariffs, and signs the dominance of US mega-cap tech stocks may be waning.

Oil advanced Monday as Iran intensified a crackdown on protests across the country. The increase extended a Friday advance, when it capped its longest run of weekly gains since June.

The unrest has raised the possibility the Islamic Republic may be overthrown, a development that would transform global geopolitics and energy markets. Trump has threatened repercussions if demonstrators were targeted, while Tehran has warned the US and Israel against any intervention.

“The situation in Iran seems to be taking the country to the brink. The level of uncertainty in so many geopolitical hotspots is reaching levels not seen since the late 1930s,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote in a client note. “It’s amazing how much complacency exists in the global stock markets right now.”

Asian tech shares may get a boost after Taiwan Semiconductor Manufacturing Co. reported revenue late last week that topped estimates, offering fresh support for the AI trade in the region.

Elsewhere, Group-of-Seven finance ministers meet in Washington to discuss rare earths Monday, while New York Fed President John Williams and Atlanta Fed President Raphael Bostic are set to speak.

Precious metals were slightly higher early Monday, as some traders bet on a higher gold price after last year’s rally.

Australian bond yields were little changed early Monday. The US 10-year yield ended little changed in Friday’s session, with the jobs data leaving expectations for additional Fed interest-rate cuts intact, although the pace of reductions remains in question.