Oil Prices Rebound as Asian Markets Rise Amid US Inflation Worries

Asian stock markets generally rose on Wednesday after a significant decline in oil prices the previous day. Investors were preparing for the release of key US inflation data later that day.

Tokyo's Nikkei 225 closed up 1.9 percent at 66,753.72, while Hong Kong edged up 0.2 percent and Shanghai rose 0.3 percent. The main crude contracts had plummeted on Tuesday due to hopes of a deal to end the US-Iran war and reopen the Strait of Hormuz, despite stalled talks.

Brent fell more than 2 percent and West Texas Intermediate over 3 percent on Tuesday, pushing WTI below $90 a barrel. However, prices recovered slightly on Wednesday, with Brent up 0.7 percent at $103.29 and WTI up 0.3 percent at $89.65.