Asian Shares Mixed Amid Oil Price Volatility

Asian shares were mixed on Friday after US stocks retreated and oil rebounded.

The price of Brent crude rose nearly 4% on Thursday due to uncertainty over the reopening of the Strait of Hormuz, a vital route for securing stable oil supplies.

Iran has said it is close to a deal with Oman for reopening the strait, but the Trump administration has ruled out Iran charging fees to ships, and Iran has insisted on some measure of control.

The price of Brent crude was up 1% at $83.33 per barrel as of early Friday, while US benchmark crude oil advanced 0.7% to $77.79 per barrel.

Despite the mixed performance in Asia, strong overall corporate profits have helped alleviate concerns on Wall Street about shares being overpriced.