Brent Crude Falls Below $90 Amid Middle East Diplomacy Hopes

Stocks in Asia edged higher on Wednesday as concerns about military flare-ups between the US and Iran receded, leading to a decline in oil prices. The Brent crude contract fell below $90 per barrel after Tehran and Muscat signaled a deal to partially reopen the Strait of Hormuz.

The White House declared an 'economic D-Day' against Iran and its trade partners, but the measures were seen as softer than expected, sparking hopes for fresh diplomacy in the region. Pakistani mediators reported positive talks with Iran's president on Monday, citing momentum towards lasting peace in the area.

Nvidia's second-quarter earnings will be closely watched, as investors use them to gauge the health of the AI boom that has driven markets to record highs over the past two years. The chipmaker's figures may matter less than management's guidance for the quarter ahead, analysts said.