Oil Prices Slide as Asian Stocks Rise, But Nvidia Earnings and Inflation Data Loom

Asian stocks rose on Wednesday as oil prices extended their decline and concerns over US-Iran tensions eased, but investors remained cautious ahead of key data releases from Nvidia and the US Federal Reserve.

The Strait of Hormuz, a critical shipping lane, may soon reopen after signs of fresh diplomacy to end the Middle East crisis. Pakistan Interior Minister Mohsin Naqvi reported 'a very positive and productive meeting' with Iran's president on Monday.

Crude prices fell more than 2% today, with Brent dropping below $90 a barrel. This has eased pressure on markets after last week's spike fueled inflation fears and sent long-dated US Treasury yields to their highest since 2007.

However, some analysts warned that the simmering US-Canada trade row was causing uncertainty, while Nvidia's second-quarter earnings report today would be a key marker of the reporting season.