Asian shares surged on Thursday, while crude oil prices remained above $100 a barrel, as investors grew optimistic that the United States and Iran might reach an agreement to reopen the Strait of Hormuz for oil tanker traffic.
Market Movements Across Asia
Japan's benchmark Nikkei 225 index jumped 4.6% to 62,243.88. Hong Kong's Hang Seng gained 1.2% to 26,531.35, and Australia's S&P/ASX 200 rose 1.2% to 8,870.90. In South Korea, the Kospi slipped 1.4% to 7,281.37 as traders locked in profits after a nearly 7% surge the previous day, which pushed the index above 7,000 for the first time. Taiwan's Taiex climbed 1.7%.
On Wednesday, global markets rallied after President Donald Trump indicated that the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement, though details were not provided.
Oil Prices and Global Impact
Oil prices fell nearly 8% on Wednesday, and the S&P 500 rose 1.5% for its best day in nearly a month, setting a fresh record. The Dow Jones Industrial Average climbed 1.2%, and the Nasdaq composite rose 2%. Early Thursday in Asian trading, Brent crude oil rose $1.06 to $102.29 a barrel, while U.S. benchmark crude oil gained $1.20 to $96.28 a barrel.
The effective closure of the strait due to conflict has disrupted global oil supplies, causing prices to spike. A potential reopening could ease inflation pressures worldwide. Brent crude had fallen below $97 a barrel earlier but rebounded after Trump threatened increased bombing if Iran rejects the deal.
U.S. Stocks Supported by Strong Earnings
U.S. stocks remained resilient, buoyed by robust corporate earnings reports for early 2026. Chipmaker AMD surged 18.6% after exceeding profit and revenue expectations, driven by growth in artificial intelligence technology. Super Micro Computer jumped 24.5% on stronger-than-expected earnings. Nvidia, a key AI beneficiary, rose 5.7% and was the biggest single boost to the S&P 500.
CVS Health climbed 7.6% after reporting better-than-expected first-quarter results and raising its full-year forecasts. The Walt Disney Co. gained 7.5% as its film “Zootopia 2” boosted streaming, parks, and cruise businesses, delivering a profit surprise. Uber Technologies rose 8.5% after a higher-than-expected bookings forecast.
Companies with significant fuel costs also rallied on hopes of lower oil prices. United Airlines gained 6.8%, Carnival rose 6.8%, and Royal Caribbean climbed 8.8%.
Overall, the S&P 500 rose 105.90 points to 7,365.12, the Dow added 612.34 points to 49,910.59, and the Nasdaq composite increased 512.82 points to 25,838.94.
