Asian markets pushed higher Wednesday, with Japan and South Korea leading the gains, as oil prices eased back despite a wave of missile attacks by Iran on Gulf neighbors and Israel.
Brent crude fell 2.3% to around $101 per barrel, down sharply from Monday’s highs above $106, while US benchmark crude dropped more than 3% to $93.17.
The pullback in oil prices offered relief to major importing nations like Japan and South Korea. Tokyo’s Nikkei 225 surged 2.6% to 55,106.69 after stronger-than-expected export data, while Seoul’s Kospi jumped 3.8% to 5,854.28.
Investors are now looking ahead to the Federal Reserve’s interest rate decision later today. With oil prices feeding into inflation concerns, the Fed is widely expected to hold rates steady.
Hong Kong’s Hang Seng dipped 0.2%, while Shanghai slipped 0.5%. Australia’s ASX 200 gained 0.5%, and Taiwan’s Taiex added 1.3%.
On Wall Street, futures pointed 0.4% higher after a modest winning session. The S&P 500 rose 0.3% to 6,716.09, while Delta Air Lines jumped 6.6% on strong demand forecasts. Uber climbed 4.2% after announcing an autonomous vehicle partnership with Nvidia.
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