Asian Markets Rise as Oil Prices Climb Amid Iran Conflict

Markets in Asia largely rose on Wednesday ahead of the US inflation data release. The Kospi index jumped by 3.7% to 6,579.04 due to renewed buying of computer chipmakers. Samsung Electronics gained 6.7%, and memory chipmaker SK Hynix was up 5.5%. In contrast, Australia's S&P/ASX 200 lost 0.5%.

The Brent crude price rose by 1% to $89.79 per barrel, driven by concerns over the Strait of Hormuz and the ongoing conflict between the US and Iran. The war has led to higher oil prices and a surge in gasoline costs, with the average price reaching $4.01 per gallon.

Economists expect July's inflation rate to drop to 3.4% from 3.5% in June. Lower inflation could ease pressure on the Federal Reserve to raise interest rates, which would help curb borrowing costs and stabilize stock prices.