Oil prices edged higher on Wednesday while Asian stock markets traded mixed, as investors remained cautious over uncertainty surrounding negotiations between the United States and Iran and the security of shipping through the strategic Strait of Hormuz.
Brent crude futures gained 33 cents, or 0.45%, to trade at $73.28 per barrel, while US West Texas Intermediate (WTI) crude rose 34 cents, or 0.49%, to $69.84 per barrel during early trading.
Market analysts said concerns over maritime traffic in the Strait of Hormuz continue to support oil prices despite signs of easing regional tensions.
“Hormuz continues to reopen, but it remains uneven and unpredictable. Without a clearer understanding between Washington and Tehran, markets are likely to stay cautious before expecting a sustained decline in crude prices,” oil market analyst Vandana Hari said.
Asian equities showed mixed performance. Japan’s Nikkei 225 advanced 0.6%, while Australia’s S&P/ASX 200 slipped 0.4%. South Korea’s Kospi fell 1.8%, reflecting investor caution.
China’s Shanghai Composite inched up 0.1%, while markets in Hong Kong remained closed.
Analysts noted that although oil markets are pricing in a gradual normalization of global supply, shipping activity through the Strait of Hormuz has not yet returned to levels seen before the recent conflict, keeping energy markets on edge.
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