Asia markets gain while oil prices jump

March 24, 2026 (MLN): Asian markets traded higher on Tuesday but gave up part of their early gains as oil prices rebounded, highlighting persistent uncertainty surrounding tensions in the Middle East.

Benchmark crude prices moved sharply upward, with Brent crude climbing more than 3.5% to $103.7 per barrel, while West Texas Intermediate surged 4% to $91.72 per barrel.

The rebound followed a steep decline in the previous session, when Brent had dropped nearly 11% to around $99 after briefly surpassing $112 last week.

Market sentiment remained fragile amid conflicting signals on geopolitical developments.

While optimism briefly surfaced after comments from Donald Trump regarding potential de-escalation, uncertainty quickly resurfaced after Iranian officials denied any ongoing negotiations with Washington.

In regional equities, South Korea’s Kospi initially surged over 3% before trimming gains to around 1.5%, while the tech-heavy Kosdaq held onto a 1.7% increase, according to CNBC.

Japan’s markets also advanced, with the Nikkei 225 rising 1.1% and the Topix gaining 1.87%.

The upward movement came as Japan’s inflation continued to ease, with the consumer price index slowing to 1.3% in February its lowest level since March 2022 and below the central bank’s 2% target.

Elsewhere, Australia’s S&P/ASX 200 edged up 0.32%. In Greater China, Hong Kong’s Hang Seng Index climbed 1.62%, while mainland China’s CSI 300 added 0.52%.

Global markets had received a boost overnight from a strong rally on Wall Street.

The Dow Jones Industrial Average jumped 631 points, while the S&P 500 and Nasdaq Composite each gained over 1%, supported by hopes of easing geopolitical tensions.

However, the rebound in oil prices and mixed signals on diplomatic developments kept investors cautious.

The risk of a prolonged conflict in the Middle East continues to weigh on market outlook, limiting upside momentum across equities.

Meanwhile, safe-haven assets retreated, with Gold falling about 1.5% and silver declining nearly 3%, as investors rotated back into risk assets following the temporary improvement in sentiment.

Copyright Mettis Link News