Asia Stocks Surge as Oil Prices Ease Amid Hopes for Mideast Deal

Asian stocks surged and oil prices eased on Wednesday after strong corporate earnings reports and hopes for a deal to end the war in Iran. The U.S. stock market rallied to records, with the S&P 500 shooting up 1.8% to top its prior all-time high set in June.

The Kospi in Seoul jumped 3.8% to 6,598.26, led by a 7.4% gain for memory chipmaker SK Hynix. Tech giant Samsung Electronics advanced 3.5%, while Taiwan's Taiex rose 2.9% as major chipmaker TSMC gained 3.7%. Japanese stocks also climbed, with the Nikkei 225 gaining 3.7% to 66,300.44.

Currency traders were buoyed by easing oil prices, which have swung between $72 and $102 through July on uncertainty about when calm in the Middle East would allow oil tankers to freely exit the Persian Gulf again to deliver crude around the world.