Asian Markets Trade Mixed

Asian stock markets are trading mixed on Wednesday, following the broadly negative cues from Wall Street overnight, as the U.S.-Iran peace agreement to end the Middle East war and the opening of the Strait of Hormuz helped ease regional tensions and saw the oil-linked energy sector tumbling. The slip in gold-linked materials sectors due to high U.S. interest rate concerns pulled down the markets. Asian markets closed mostly lower on Tuesday.

The Strait of Hormuz, which remained shut since the U.S.-Iran war began more than three months ago, was reopened after the MoU was signed. Active shipping movements across the Strait of Hormuz eased crude oil supply disruption concerns.