HONG KONG (AP) — Markets across Asia posted substantial gains Wednesday following Wall Street’s strongest performance in months, driven by growing optimism that military action against Iran may be nearing an end.
Early trading showed South Korea’s Kospi climbing 5.2% to reach 5,312.45, while Japan’s Nikkei 225 advanced 3.5% to 52,840.67.
Meanwhile, Australia’s S&P/ASX 200 gained 1.9% to settle at 8,641.30.
The market enthusiasm followed President Donald Trump’s Tuesday statement suggesting U.S. military operations against Iran would likely conclude within two to three weeks, adding that America “will not have anything to do with” subsequent developments in the Strait of Hormuz.
The White House announced Trump plans to address the nation Wednesday evening regarding the Iran conflict.
These comments followed Trump’s directive to U.S. allies to “go get your own oil” while criticizing their limited participation in military efforts. Major shipping disruptions in the Strait of Hormuz, a critical waterway handling approximately 20% of global oil transport, have driven energy costs higher and contributed to worldwide inflation pressures.
Energy markets showed mixed movement with oil prices stabilizing after earlier declines. Brent crude, the global benchmark, increased 0.6% to $104.62 per barrel in early Wednesday trading. U.S. benchmark crude climbed 0.9% to $102.30.
Tuesday’s Wall Street session saw the S&P 500 surge 2.9% to 6,528.52, marking its strongest single-day performance since May. The Dow Jones Industrial Average jumped 2.5% to close at 46,341.51, while the technology-heavy Nasdaq composite soared 3.8% to finish at 21,590.63.
