Asian shares surged on Thursday, led by a 5.7% jump in Tokyo’s Nikkei 225 to a record intraday high, as investors awaited signs of a possible US-Iran agreement that could allow oil tankers to resume moving crude through the Persian Gulf.
The waterway’s effective closure during the conflict has severely disrupted global oil flows, fueling inflation and pushing up prices worldwide.
Markets received a major lift on Wednesday after Donald Trump signalled that a breakthrough with Iran was close, raising hopes the conflict could soon ease.
Oil prices were steadier after Wednesday’s sharp sell-off, with Brent crude rising 51 cents to $101.78 a barrel and US benchmark crude gaining 55 cents to $95.63. The previous day, oil had fallen nearly 8% while global equities rallied on hopes that shipping through the Strait of Hormuz could soon restart.
Still, optimism remained cautious as tensions persisted, underscored by a US military strike on an Iranian oil tanker in the Gulf of Oman as Washington increased pressure on Tehran to reach a deal.
Stock markets keep rising
Japan’s benchmark Nikkei 225 surged 3,402 points to 62,915.87 as trading resumed in Tokyo after the Golden Week holiday, extending a powerful rally that has seen the index climb about 18% over the past three months and nearly 73% over the past year, driven largely by strong demand for technology stocks linked to the artificial intelligence boom.
Elsewhere in Asia, Hong Kong’s Hang Seng Index rose 1.3% to 26,559.86, Australia’s S&P/ASX 200 added 0.9% to 8,870.70, and Taiwan’s TAIEX gained 2.1%. South Korea’s KOSPI, however, slipped 0.4% to 7,353.08 as investors locked in profits after the benchmark’s near-7% surge a day earlier, which pushed it above 7,000 for the first time.
European markets also looked set for a firm open, with Euro Stoxx 50 futures edging higher before 7 am CET, pointing to continued positive sentiment.
On US markets on Wednesday, stocks remained resilient despite the conflict, supported by a strong start to the 2026 earnings season. The S&P 500 rose 1.5% to a record high, while the Dow Jones Industrial Average gained 1.2% and the Nasdaq Composite climbed 2%.
Among standout performers, Advanced Micro Devices jumped 18.6% after beating profit and revenue forecasts, while Super Micro Computer soared 24.5% on stronger-than-expected results. NVIDIA — widely seen as the face of the AI boom — rose 5.7%, making the biggest single contribution to the S&P 500’s advance because of its outsized market value.
Outside tech, CVS Health gained 7.6% after raising its full-year outlook, while The Walt Disney Company climbed 7.5% after saying anticipation for Zootopia 2 had boosted interest across its streaming, parks and cruise businesses.
In currency markets, the US dollar edged down to 156.32 Japanese yen from 156.40 yen, while the euro strengthened slightly to $1.1756 from $1.1747. Gold was marginally higher in early European trading, at $4,706.70.