Asian Markets Trade Mostly Higher

Asian markets are trading mostly higher on Thursday, following the mixed cues from Wall Street overnight, amid hopes a fresh round of negotiations between Iran and the U.S. this week will help resolve the ongoing conflict in the Middle East. The continuing drop in crude oil prices amid hopes of the potential opening of the Strait of Hormuz also aided market sentiment. Asian markets closed mostly higher on Wednesday.

Reports indicated that Tehran could consider allowing free passage for ships via the Omani side of the Strait of Hormuz if a deal is reached to prevent renewed escalation.