Asian Markets Trade Mostly Higher

Asian markets are trading mostly higher on Thursday, despite the broadly negative cues from Wall Street overnight, as traders are optimistic about the opening of the Strait of Hormuz after official statements from Iran and Oman confirming they had agreed on a temporary maritime route for ships travelling through the narrow seaway. Diplomatic progress in the Middle East is also aiding market sentiment. Asian markets closed mostly higher on Wednesday.

Reports suggest there is an effort to relaunch peace talks between the U.S. and Iran that have reached an interim ceasefire agreement that includes guarantees for unhindered commercial navigation through the Strait of Hormuz.