Asian markets saw a significant surge on Thursday, with Tokyo’s Nikkei 225 index climbing an impressive 5.7% to reach a record intraday high, as investors closely monitored potential developments between the United States and Iran regarding crude oil tanker deliveries from the Persian Gulf. Japan’s benchmark index soared by 3,402 points, concluding at 62,915.87, marking a robust comeback as trading resumed after the “Golden Week” holidays. Over the past three months, the Nikkei has risen approximately 18%, and nearly 73% in the past year, largely fueled by a vigorous demand for technology stocks driven by the ongoing artificial intelligence boom.
In broader Asia, the Hang Seng Index in Hong Kong advanced 1.3% to 26,559.86, while the S&P/ASX 200 in Australia increased by 0.9%, reaching 8,870.70. Conversely, the Kospi in South Korea experienced a slight dip, down 0.4% to 7,353.08, as some traders opted to lock in profits following a nearly 7% rally the prior day, which saw the index surpass the 7,000 mark for the first time.
Taiwan’s Taiex also registered gains, climbing 2.1%. The day before, global markets witnessed an upswing following remarks from President Donald Trump regarding the potential opening of the Strait of Hormuz, conditional on Iran agreeing to a yet-undisclosed arrangement.
Despite the optimistic outlook, concerns lingered amid rising tensions. In a recent development, the U.S. military fired on an Iranian oil tanker, reinforcing Trump’s pressure on Tehran to negotiate terms to conclude the ongoing conflict. The military disclosed through social media that a fighter jet had damaged the tanker’s rudder in the Gulf of Oman while it was reportedly attempting to breach an American blockade around Iranian ports.
As for the oil market, early Thursday trading saw Brent crude increase by 51 cents to $101.78 per barrel, while U.S. benchmark crude was up 55 cents at $95.63 per barrel. Oil prices had plummeted nearly 8% the previous day, contributing to a global stock market rally spurred by the hope that a deal between the U.S. and Iran could facilitate the resumption of crude deliveries through the Strait of Hormuz.
Earlier fluctuations in oil pricing were notable, with Brent crude falling by 7.8% to $101.27, a steep decline from more than $115 just days prior. The conflict has severely restricted access to the Strait, which is vital for oil transport, creating significant complications for the global economy. A reopening of this crucial waterway could potentially ease inflation pressures affecting a wide array of products worldwide.
Despite the turbulent backdrop of the ongoing conflict, U.S. stocks remained resilient, buoyed by encouraging profit reports from major American companies for the first quarter of 2026. Chipmaker AMD led the market upswing with a substantial 18.6% rise after exceeding profit and revenue expectations. Super Micro Computer also saw a significant boost, rallying 24.5% thanks to stronger-than-expected financial results. Nvidia, a key player in the AI sector, climbed 5.7%, bolstering the S&P 500 due to its considerable market influence.
Companies with large fuel expenses benefitted from anticipations of a decline in oil prices, with United Airlines and Carnival both jumping by 6.8%, while Royal Caribbean reported an 8.8% increase.
In foreign exchange, the U.S. dollar slipped to 156.32 Japanese yen from 156.40 yen, while the euro rose slightly to $1.1756 from $1.1747, signaling ongoing shifts in the currency markets amid the fluctuating economic landscape.
