HONG KONG (AP) — Asian shares advanced Friday following modest gains on Wall Street, while oil prices rose as efforts to end the Iran war yielded limited results. Oil prices had eased Thursday in U.S. trading, alleviating pressure from the bond market as yields fell. Earlier this week yields climbed so high they threatened to slow economies worldwide and undercut prices for stocks, bitcoin and all kinds of other investments. U.S. futures edged higher and Tokyo’s Nikkei 225 was up 2.7% at 63,352.44. A report showed inflation hitting a four-year low in April, at 1.4%, despite higher prices for oil and gas due to the war. South Korea’s Kospi gained 0.6% to 7,860.59.Hong Kong’s Hang Seng rose 1.2% to 25,685.65, while the Shanghai Composite index climbed 0.5% to 4,096.24.Australia’s S&P/ASX 200 was up 0.5% at 8,664.00.Taiwan’s Taiex was trading 1.5% higher, while India’s Sensex edged up 0.2%.
Oil prices remained elevated over disruptions around the Strait of Hormuz, a critical waterway for oil and gas transit, with shipping activities still well below before the Iran war began in late February. Talks between the U.S. and Iran have dragged on, adding to uncertainty.
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