Asian Markets Surge as Oil Slips on Iran Ceasefire Hopes, Wall Street Rally Spreads

Asian shares climbed sharply on Friday, tracking strong gains on Wall Street, while oil prices eased after US President Donald Trump claimed progress in talks to end the Iran conflict. US futures also edged higher as global risk sentiment improved.

Oil markets fell as expectations of a potential US-Iran breakthrough raised hopes of easing tensions around the Strait of Hormuz , a key global energy route. Brent crude slipped to $88.87 per barrel , while US WTI dropped to $86.33 , though prices remain well above pre-conflict levels near $70.

South Korea’s Kospi jumped 7.8% to 8,370.82 , extending its powerful tech-led recovery and narrowing earlier losses from AI-related sell-offs. The index has nearly doubled over six months, with a record close of 8,801.49 on June 2. Samsung Electronics surged 11.2%, while SK Hynix gained 7.2%.

Japan’s Nikkei 225 rose 3.5% to 66,442.95 , led by technology stocks. SoftBank Group advanced 2%, and Tokyo Electron jumped 10.3%. Hong Kong’s Hang Seng gained 1.8%, Shanghai Composite rose 1.6%, Australia’s ASX 200 added 1.9%, Taiwan’s Taiex climbed 2.6%, and India’s Sensex rose 1.2%.

The rally followed Thursday’s strong Wall Street session, where the S&P 500 rose 1.8% , the Dow gained 1.9% , and the Nasdaq jumped 2.5% , supported by tech stocks despite volatility concerns around AI valuations. Investors are also watching the anticipated debut of SpaceX’s record-breaking IPO , expected to raise around $75 billion.

Investor sentiment improved after Trump said he had called off military strikes and suggested a possible ceasefire extension with Iran . However, analysts warned the situation remains uncertain. ING noted that while optimism has increased, any deal is likely to remain fragile and reversible .

The US dollar strengthened slightly against the yen, while the euro was broadly steady as markets priced in easing geopolitical risk but remained cautious over final outcomes.