Asian Markets Rise Amid Hormuz Hopes and Falling Oil Prices

Asian markets mostly rose on Wednesday as investors kept an eye on talks to reopen the Strait of Hormuz, which remains largely closed due to the war in Iran.

The global interest in artificial intelligence supported buying in tech shares, but markets have generally moved in a narrow range ahead of Nvidia's release of its earnings report later in the day. The chipmaking giant's results could have a significant impact on confidence in the sustainability of the AI investment boom.

Falling crude prices also brightened investor sentiment in oil-importing nations like Japan, which imports virtually all its oil. Benchmark U.S. crude dropped 3.1% to $79.80 a barrel, while Brent crude lost 2.8% to $84.81 a barrel.