Asia-Pacific benchmarks gain as Hormuz reopening talks drag oil lower

Nikkei gains 0.6%, Kospi jumps 1.6% as U.S. crude slides below $81

Asian equity benchmarks mostly rose in early Wednesday trading as investors tracked ongoing talks over reopening the Strait of Hormuz, which remains largely shut down because of the war in Iran.

Japan’s Nikkei 225 gained 0.6% in morning trading to 66,227.55. Australia’s S&P/ASX 200 dipped 0.2% to 9,142.60. South Korea’s Kospi jumped 1.6% to 6,849.92. Hong Kong’s Hang Seng added 0.8% to 25,712.29, and the Shanghai Composite edged up 0.7% to 3,917.04.

Two factors supported the regional mood. Global interest in artificial intelligence continued to lift some regional issues, while declining oil prices helped build optimism in oil-importing nations. Japan imports virtually all of its crude.

Oil prices continued to fall. Benchmark U.S. crude dropped $2.06 to $80.30 a barrel, while Brent crude, the international standard, lost $2.31 to $86.27 a barrel.

Yuri Kageyama reported from Tokyo for The Associated Press.