Asian Stocks Rise, Oil Prices Fall on Hopes of US-Iran Agreement

Central News Agency, Hong Kong, May 29. Investors are optimistic that the US and Iran may reach an agreement to extend a ceasefire, leading to gains in most major Asian stock indices today and a decline in international oil prices. According to AFP, oil prices have fluctuated significantly this week as investors focus on whether Washington and Tehran can reach an agreement to reopen the Strait of Hormuz. Following a skirmish on the 27th, US officials said last night that they are close to a framework for a 60-day ceasefire extension, pending approval by President Donald Trump. Following the news, US stocks rebounded yesterday, and Asian markets followed suit. Tokyo, Hong Kong, Taipei, Seoul, Sydney, and Wellington closed higher, while Shanghai and Manila fell. In afternoon trading, Brent crude futures fell more than 1% to $92.54 a barrel, and WTI crude futures fell to $87.56. The Fed's preferred inflation gauge, the PCE price index for April, met market expectations, but Q1 GDP was revised downward. Economist Matthew Martin of Oxford Economics noted that stable oil prices and AI-related capital expenditure are the main drivers of the market.