Asian Stocks Mixed as Oil Prices Near $100 Per Barrel

Asian stock markets were mixed on Wednesday as investors remained cautious ahead of key interest rate decisions and amid rising oil prices.

The Brent crude benchmark surged to $99.30 per barrel, with a brief spike to $99.46, driven by increased fighting in the Middle East that is constraining global oil supplies.

Market watchers are expecting a closely watched report on US inflation on Friday to show a slight easing of prices from 3.4% in July to 3.3%, but this would still be above the Federal Reserve's target rate of 2%.

The Fed meets next week to decide whether to cut, raise or hold interest rates steady, with President Donald Trump lobbying for lower rates.