Asian stock markets advanced on Wednesday, led by strong gains in Japan and South Korea, as oil prices eased slightly despite renewed attacks by Iran across the Gulf region.
U.S. stock futures also moved higher ahead of the Federal Reserve’s interest rate decision later in the day. Analysts expect the Fed to keep rates unchanged amid concerns that rising oil prices could fuel inflation.
Global energy supply worries continue to influence market sentiment. Brent crude, the international benchmark, fell about 2% to around $101 per barrel after climbing above $106 earlier in the week. U.S. crude declined 3.6% to $92.78 per barrel.
Iran launched fresh missile and drone attacks on several Gulf countries and Israel after one of its senior leaders was killed in an airstrike.
Two people were reportedly killed near Tel Aviv. Despite the escalation, financial markets largely remained resilient.
In Tokyo, the Nikkei 225 jumped 2.9% to 55,239.40 after Japan reported stronger-than-expected export data for February.
South Korea’s Kospi surged 5% to 5,925.03, supported by lower oil prices benefiting the country’s energy-importing economy.
Elsewhere in the region, Hong Kong’s Hang Seng index rose 0.8% to 26,076.00 and Shanghai’s Composite Index added 0.3% to 4,063.77.
Australia’s S&P/ASX 200 gained 0.3%, Taiwan’s Taiex climbed 1.5% and India’s Sensex advanced 0.9%.
Analysts at ING Bank said global oil flows remain constrained even as hopes grow that Iran may allow more vessels to pass through the Strait of Hormuz, a key maritime route for nearly one-fifth of the world’s crude oil shipments.
In the United States, Wall Street closed higher on Tuesday. The S&P 500 rose 0.3%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq Composite gained 0.5%.
Delta Air Lines jumped 6.6% after raising its revenue outlook due to strong travel demand, while Uber Technologies climbed 4.2% after announcing plans to expand its autonomous vehicle partnership with Nvidia in San Francisco and Los Angeles next year.
In currency trading, the U.S. dollar slipped to 158.76 Japanese yen from 159.01 yen, while the euro edged up slightly to $1.1544.
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