Markets Rise on AI Hype and Lower Oil Prices

Global stock markets mostly rose on Wednesday as investors monitored talks to reopen the Strait of Hormuz, which remains largely closed due to the war in Iran.

The global interest in artificial intelligence boosted buying of tech shares, but markets have generally moved in a narrow range ahead of Nvidia's release of its earnings report later in the day. The chipmaking giant's results could significantly impact investor confidence in the sustainability of the AI investment boom.

Falling crude prices also improved sentiment in oil-importing nations like Japan, which imports virtually all its oil. Brent crude oil lost 2.8% to $84.81 a barrel, while benchmark U.S. crude dropped 3.1% to $79.80 a barrel.