Asian Markets Trade Mixed Amid Oil Price Volatility and US Inflation Worries

Asian markets traded mixed in early Thursday trading as investors digested recent swings in oil prices and the U.S. bond market.

The Nikkei 225 gained 1.3% to 65,883.41, while Australia's S&P/ASX 200 fell 0.7% to 8,700.50. Hong Kong's Hang Seng lost 0.5% to 24,715.95, and the Shanghai Composite dipped 0.8% to 3,902.33.

The price of Brent crude remained at $102.22 a barrel, significantly higher than its pre-war level of around $72. Worries about inflation running high due to the war with Iran are contributing to the volatility in oil prices.

In the U.S., the S&P 500 fell 0.8% after a strong economic report raised concerns about inflation. The yield on the 10-year Treasury jumped to 5.10%, undercutting stock prices and slowing the economy by making borrowing more expensive.