TOKYO (AP) — Asian shares were trading mixed early Wednesday, as uncertainty remained about an initial deal to end the war in Iran and access to the crucial Strait of Hormuz. Japan’s benchmark Nikkei 225 added 0.6% to 70,463.72. Australia’s S&P/ASX 200 lost 0.4% to 8,744.50. South Korea’s Kospi dropped 1.8% to 8,322.39. The Shanghai Composite edged up 0.1% to 4,099.41. Trading was closed in Hong Kong. “While oil markets are currently priced for a gradual return to supply normalization, traffic through the Strait of Hormuz has yet to recover to prewar levels,” said Tim Waterer, chief market analyst at KCM Trade. In the oil market, prices drifted as two U.S. envoys arrived in Qatar for talks with mediators about the implementation of the deal with Iran. The Americans will not be having direct negotiations with Iranian diplomats while in Doha.
In energy trading, benchmark U.S. crude added 37 cents to $69.87 a barrel. Brent crude, the international standard, rose 30 cents to $73.25 a barrel. U.S. stocks trimmed their losses Tuesday. The S&P 500 gained 0.8%, though it still fell to its first losing month following two fabulous ones. The Dow Jones Industrial Average added 136 points, or 0.3%, to its record, and the Nasdaq composite climbed 1.5%.
