Asia-Pacific markets traded mostly higher on Friday after Iran and Oman reportedly drew up a protocol to “monitor transit” through the Strait of Hormuz, raising hopes that the key waterway could be partially reopened.
Tanker traffic through the key oil shipping route “should be monitored and coordinated” with the two countries, Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, said, according to Iran’s state news agency IRNA.
Oil prices rose on Thursday before markets closed for Good Friday. U.S. crude oil futures jumped nearly 12% to $112.06 a barrel, while global benchmark Brent rose about 8% to $109.24.
The spot price for current physical cargoes of Brent crude rose to $141.36 on Thursday, the highest level since the 2008 financial crisis, according to S&P Global.
South Korea’s Kospi led gains in the region, rising 1.75%, while the small-cap Kosdaq reversed gains and fell 0.16%. South Korean President Lee Jae Myung will meet with French President Emmanuel Macron at a summit on Friday.
The Blue House said in a statement that the two countries are expected to upgrade their relationship to a “Global Strategic Partnership”, the first upgrade in 22 years.
The Korea Times reported that the two sides are expected to discuss expanding cooperation in trade and investment, as well as in sectors such as artificial intelligence, nuclear power and space, SEEbiz reports.
Japan’s Nikkei 225 rose 0.91%, boosted by non-cyclical consumer stocks, and the broad Topix was higher by 0.65%, boosted by energy stocks.
