Asian Stocks Mixed as Oil Prices Surge and Inflation Concerns Linger

Asian shares were mixed in cautious trading on Wednesday as investors waited for key events that could impact their decisions. The Nikkei 225 in Japan was nearly unchanged at 65,249.95, while South Korea's Kospi gained 1.2% to 7,041.10.

The Hang Seng index in Hong Kong dipped 0.1% to 25,287.99, but the Shanghai Composite in China rose 0.2% to 3,949.89. Australia's S&P/ASX 200 slipped 0.2% to 8,903.20.

Taiwan's Taiex edged up 0.2%, while India's Sensex shed 0.7%. The mixed performance of Asian stocks comes as investors are concerned about rising oil prices and their impact on inflation.

Brent crude, the international standard, surged 1.4% to $99.30 a barrel on Wednesday, briefly climbing as high as $99.46 overnight. This increase is partly due to increased fighting in the Middle East constricting global oil supplies.