SINGAPORE — Asia-Pacific equity futures opened mixed in Sunday afternoon dealing as investors set about reconciling a week in which Brent crude fell more than $10 a barrel on OPEC+'s production pledge with a Saturday that brought the deadliest single salvo of the five-week Iran war and a fresh strike on a U.S. logistics base in western Iraq.

Nikkei 225 futures traded in Singapore were last quoted 0.4 percent lower, paring a sharper early decline of 1.3 percent that had followed Saturday's news flow out of Tel Aviv and Al-Asad. South Korea's KOSPI 200 futures were down 0.6 percent. Hang Seng futures pointed to a flat open in Hong Kong, while S&P 500 e-minis nudged 0.2 percent higher and Stoxx Europe 600 futures were marginally firmer. Brent for June delivery reopened at $111.80 a barrel in early electronic trade, up $1.60 on Friday's settlement of $110.20 but still nearly $14 below the intraweek high recorded a week ago.

The reflexive bid for crude on Sunday reflected the same dual mandate that has dominated trading desks for a month: price the barrels, then price the headlines. OPEC+'s pledge in Vienna on April 1 to add roughly 1.5 million barrels a day to global supply, validated late in the week by Saudi Aramco's nominations for full May liftings to Asian customers, has clearly trimmed the right tail of the oil distribution. Iran's overnight Thursday-Friday barrage of more than 180 ballistic missiles, cruise missiles and drones at Israel, and the death of four American soldiers at Al-Asad early Friday, just as clearly preserved the war premium that has kept Brent above $100 since mid-March.

"You can see the two stories pulling against each other in every screen on the desk this afternoon," said Pradeep Menon, head of Asia macro strategy at Crescent Pacific Advisors in Singapore. "Brent wants to drift lower because the cargoes are loading. The Nikkei wants to go lower because Tel Aviv was hit, Al-Asad was hit, and the second weekend in a row has produced a body count. The tape on Monday will tell us which of those forces the market believes is dominant."

Saturday's events sharpened that tension. The Israel Defense Forces confirmed early Sunday that a follow-on Iranian salvo overnight had struck a power-distribution substation outside Hadera and damaged a chemical-handling facility at the port of Ashdod, knocking roughly 900 megawatts of generation capacity offline for several hours. U.S. Central Command, meanwhile, said two additional service members had been wounded in a rocket attack on Al-Asad on Saturday afternoon, bringing the cumulative American death toll since the war began to at least 298 and the wounded total above 1,200, according to a tally maintained by the Pentagon and reviewed by congressional staff.

Markets had ended the week on a constructive note. Brent settled Friday at $110.20 a barrel, down 8.6 percent on the week and roughly 12 percent below the intraweek peak of $125.60 recorded the morning before the OPEC+ communique. West Texas Intermediate finished at $106.40. The S&P 500 closed 1.8 percent higher on Friday and added 2.1 percent on the week, its first weekly gain since the war began, though the index remained down 2.6 percent for the year. The Nasdaq Composite advanced 2.7 percent on the week, lifted by chipmakers and software names ahead of an earnings calendar that brings the major U.S. banks on Wednesday and Apple, Microsoft and Alphabet later in the month.

Traders cautioned that the relief was real but partial. War-risk insurance premiums for vessels transiting the Strait of Hormuz finished the week at 0.71 percent of hull value, a Lloyd's of London broker said Friday, down from the cycle peak of 0.95 percent recorded on March 30 but still more than nine times pre-war levels. Implied volatility on front-month Brent options closed at 56 percent, well above the long-run average of 32. The dollar index slipped 0.8 percent over the week to 104.20, and spot gold ended at $3,338 an ounce, snapping a four-week winning run.

"The market spent the week pricing the supply response and is going to spend next week pricing the demand reality," said Marta Liewen, head of macro strategy at Hauck Aufhauser Lampe in Frankfurt. "Earnings season begins on Wednesday with the U.S. banks, and what investors really want to know is whether March cost the consumer enough at the pump to break the credit-card narrative. If discretionary spending held up, the OPEC+ trade has another leg. If it cracked, the rally is on borrowed time."

The calendar ahead is unusually dense. U.S. consumer-price data for March, due Wednesday, will offer the first read on how comprehensively the war-driven jump in gasoline above $4.60 a gallon has fed through to headline inflation, with consensus forecasts pointing to a 3.4 percent annual rate, up from 3.1 percent in February. Earnings season opens the same morning with JPMorgan Chase, Wells Fargo and BlackRock, followed Thursday by Citigroup, Bank of America and Goldman Sachs. Delta Air Lines reports Wednesday afternoon, the first carrier to give a window into how the regional airspace restrictions and fuel-cost surge have shaped second-quarter bookings.

Energy attention turns to Riyadh. Saudi Aramco's official selling prices for May-loading cargoes, which the kingdom typically posts on the fifth of each month, were expected later Sunday and were being read as a real-time signal of how aggressively the producer intended to honor the Vienna communique. The International Energy Agency's monthly oil market report, due Thursday in Paris, will offer the first official global-demand revision since the OPEC+ decision. "The credibility test of the Vienna package is in the May loading windows, not in last week's price action," said John Reilly, a senior energy analyst at Citi in London.

For Monday's open, the immediate questions facing trading desks were narrower. Could Brent hold $108 in the face of a weekend that had produced fresh casualties on three fronts? Would Japanese exporters lead the Nikkei lower on a firmer yen, last quoted at 142.80 to the dollar, or would the country's heavy-industrial complex rally on the energy-relief story? And would the S&P 500's first weekly gain since the war began survive a Monday session in which traders will, for the first time in four sessions, have to absorb a full weekend of headlines without the cushion of OPEC+'s announcement still echoing through the tape.

Officials at the New York Mercantile Exchange and at Intercontinental Exchange in London said they had taken no additional steps to widen circuit breakers or daily price limits ahead of Monday's open, citing orderly trading conditions on Friday's close. Traders said attention through the Tokyo afternoon would focus on whether Brent could settle the Asian session under $112 a barrel, a level several technical desks have flagged as the gateway to a renewed test of $108 once the week's data calendar gets under way.