Asia-Pacific markets mostly rose Friday, though a fragile two-week ceasefire between the U.S. and Iran keeps investors on tenterhooks with oil prices remaining volatile.
Japan’s Nikkei 225 snapped back sharply, gaining 1,082.79 points, or 1.8%, to end the week at 56,824.11.
Japanese Prime Minister Sanae Takaichi said Friday that the country plans to release 20 days’ worth of oil reserves from May onwards, Reuters reported. Japan had enough oil reserves for 230 days as of April 6.
In Hong Kong, the Hang Seng recovered 141.14 points, or 0.6%, to 25,893.54.
The conflict in the Middle East, now in its second month, led to the closure of the Strait of Hormuz, and traffic continues to be largely restricted via the crucial energy waterway despite the ceasefire.
Tehran had said it would reopen the strait as long as all attacks on the country were halted, according to a statement from its foreign minister.
Media reports said that Israel had also agreed to the ceasefire. That followed U.S. President Donald Trump pausing attacks on Iran on Tuesday.
Trump said Thursday that Iran “better stop now” if it was charging fees to oil tankers for allowing them passage through the strait, while Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, charged the U.S. on Wednesday of violating the ceasefire agreement.
The West Texas Intermediate gained 1.72% to $99.55 U.S. per barrel as of 3:40 a.m. ET. Brent crude rose by 1.80% to $97.65 per barrel.
CHINA
The CSI 300 index in Shanghai climbed 70.34 points, or 1.5%, to 4,636.56.
China’s factory-gate prices rose for the first time in more than three years, while the consumer price index climbed 1% in March from a year earlier.
In other markets
In Taiwan, the Taiex chugged along 556.67 points, or 1.6%, to 35,417.83.
South Korea’s Kospi jumped 80.86 points, or 1.4%, to 5,858.87
In Singapore, the Straits Times Index nicked ahead 12.33 points, or 0.3%, to 4,989.41.
In Australia, the AZX 200 skidded 12.59 points, or 0.1%, to 8,960.61.
In New Zealand, the NZX 50 retreated 92.37 points, or 0.7%, to 13,181.44.
