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Asia-Pacific markets opened higher Thursday, tracking Wall Street gains, as growing hopes that the Middle East conflict could end soon cooled oil prices.
U.S. President Donald Trump said that Washington was in the “final stages” of negotiations with Iran, according to a pool report, helping lift investor optimism.
Oil prices have seen a sharp rise as the Trump administration blockades Iranian ports, while the Strait of Hormuz, one of the world’s most critical energy waterways, has been effectively closed by Tehran.
Investors will also focus on economic data coming out of the Asia-Pacific, particularly Japan’s trade data due later in the day.
Japan’s Nikkei 225 was 0.92% higher, while Australia’s S&P/ASX 200 advanced 1.27%.
Hong Kong Hang Seng index futures were at 25,761, higher than the index’s last close of 25,651.12.
West Texas Intermediate futures were 0.78% higher at $99.03 per barrel in Asia trading early Thursday, while Brent crude added 0.73% at $105.72 a barrel. In Wednesday’s session, WTI futures shed 5.66% to close at $98.26 per barrel, while Brent crude pulled back 5.63% to settle at $105.02 a barrel.
