Asian shares were trading mixed early Wednesday, as uncertainty remained about an initial deal to end the war in Iran and access to the crucial Strait of Hormuz.
Japan’s benchmark Nikkei 225 added 0.6% to 70,463.72. Australia’s S&P/ASX 200 lost 0.4% to 8,744.50. South Korea’s Kospi dropped 1.8% to 8,322.39. The Shanghai Composite edged up 0.1% to 4,099.41. Trading was closed in Hong Kong.
“While oil markets are currently priced for a gradual return to supply normalisation, traffic through the Strait of Hormuz has yet to recover to prewar levels,” said Tim Waterer, chief market analyst at KCM Trade.
In the oil market, prices drifted as two US envoys arrived in Qatar for talks with mediators on implementing the deal with Iran. The Americans will not be having direct negotiations with Iranian diplomats while in Doha.
In energy trading, benchmark U.S. crude added 37 cents to $69.87 a barrel. Brent crude, the international standard, rose 30 cents to $73.25 a barrel.
