Oil prices gain and Asian markets rise

Key Points:

• Asian stock markets mostly rose, with Tokyo’s Nikkei 225 hitting an all-time high, as investors monitored potential ceasefire extension talks between the U.S. and Iran amid ongoing conflict concerns.
• China reported a 5% economic growth for Q1, showing acceleration despite warnings that its export sector might face challenges due to slower global growth linked to the Iran war.
• Oil prices increased, with Brent crude up 1.6% to $96.44 per barrel, driven by supply disruptions from the Strait of Hormuz and U.S. sanctions pressure on Iran and its trading partners.
• U.S. markets saw gains on optimism over ceasefire progress, with the S&P 500 reaching a new record, while major banks posted better-than-expected earnings, and Allbirds’ stock surged after announcing a pivot to artificial intelligence.
• Precious metals prices rose slightly, gold increased by 0.3% to $4,836.50 an ounce, and silver by 0.6% to $80.14 per ounce, while the U.S. dollar weakened slightly against the yen and euro.