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Oil prices ticked up Thursday after a steep sell-off in the previous session, while Asian markets turned mixed as uncertainty lingered over a possible agreement to end the Iran war and ease tensions around the Strait of Hormuz.
International benchmark Brent crude climbed around 1.3% to $99.8 per barrel by 7:10 a.m. GMT, while U.S. benchmark West Texas Intermediate rose to $106.5.
Markets kept watching the diplomatic back-and-forth between Washington and Tehran and the risk of renewed tensions in the Middle East after increased tanker movement through the Strait of Hormuz raised hopes of easing pressure around the key shipping route following Iran’s decision to let multiple supertankers pass a day earlier.
Asian equities posted strong gains after U.S. chipmaker Nvidia reported better-than-expected quarterly earnings, lifting sentiment across regional technology shares.
Japan’s Nikkei 225 jumped 3.14% to 61,684.14 points, while South Korea’s KOSPI surged 8.42% to 7,815.59, as investors piled into chip and tech stocks after Nvidia posted $81.6 billion in first-quarter revenue and gave a strong AI-driven outlook.
Sentiment in South Korea also got a lift after Samsung Electronics reached a wage deal with its labor union, leading to the suspension of a planned 18-day strike involving around 48,000 workers, easing concerns over potential disruptions in the global memory chip supply chain.
Meanwhile, Hong Kong’s Hang Seng index slipped 1%, and China’s Shanghai Composite lost 2%. European markets also opened lower, with the Stoxx Europe 600, Germany’s DAX 30, the U.K.'s FTSE 100, France’s CAC 40 and Spain’s IBEX 35 all edging down.
Türkiye’s BIST 100 index briefly moved above the 14,000 mark after rising 0.2%, before falling back below that level later in the session.
U.S. stock futures were lower, with S&P 500 futures down 0.1%, Nasdaq 100 futures falling 0.2% and Dow futures slipping 0.2%.
Diplomatic efforts surrounding Iran also remained in focus after Iranian Foreign Minister Abbas Araghchi met with Pakistani Interior Minister Mohsin Naqvi in Tehran after officials announced that Pakistan would deliver a new U.S. message on Thursday regarding proposals to resume negotiations.
According to a statement from Iran’s Foreign Ministry, the two officials discussed regional developments and the ongoing diplomatic track during talks in the Iranian capital.
The renewed push comes as regional mediators, including Pakistan and Qatar, continue efforts to narrow differences between the two sides and prevent further escalation in the Middle East.
U.S. President Donald Trump also said on Wednesday that a deal with Iran was still possible, while warning that military operations could quickly resume if negotiations collapse.
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