Oil Prices Slide as Middle East Diplomacy Advances

Asian stocks edged higher on Wednesday as oil prices continued to decline due to receding concerns about a military flare-up between the US and Iran.

The Strait of Hormuz, a key shipping route, may see a partial reopening after Tehran and Oman made progress in negotiations. This development has contributed to a more optimistic mood in markets.

Nvidia's earnings report is also on investors' minds as they await the chipmaker's second-quarter numbers, which could provide insight into the health of the AI boom that has driven market growth over the past two years.