Asian Stocks Mostly Higher After Wall Street Hits Record, Oil Steadies

Optimism over Iran ceasefire extension and U.S.-Iran talks buoy markets

Apr. 16, 2026 at 6:06am by

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A highly polished, metallic sculpture in the shape of an oil pump jack, dramatically lit against a clean, monochromatic background, conveying the abstract concept of energy market volatility.A symbolic representation of the fragile state of global energy markets, as tensions over oil supply and trade continue to impact financial stability.San Francisco Today

Asian stocks mostly gained on Thursday, with Tokyo's Nikkei 225 jumping 2.4% and South Korea's Kospi climbing 2%, as oil prices steadied over expectations of an extension of a ceasefire in the Iran war and hopes for more talks between the U.S. and Iran. Wall Street also hit a record on Wednesday amid the optimism.

Why it matters

The Iran war has significantly impacted global energy markets, with the Strait of Hormuz, a crucial oil shipping chokepoint, largely closed. The potential for a longer ceasefire and renewed diplomacy could help stabilize oil prices and boost investor confidence in Asian markets.

The details

Asian stocks rose, with the Nikkei 225 in Tokyo and the Kospi in Seoul posting strong gains. Hong Kong's Hang Seng and the Shanghai Composite in China also advanced. Taiwan's Taiex was higher, while Australia's S&P/ASX 200 edged down slightly. Oil prices, which have surged since the Iran war began in late February, steadied on Thursday with Brent crude and U.S. benchmark crude both edging up. The gains came as regional officials reported the U.S. and Iran had an 'in principle agreement' to extend a two-week ceasefire deal that is expiring next week and were making progress toward another round of talks.

  • The Iran war began in late February 2026.
  • A two-week ceasefire deal is set to expire next week.

The players

Scott Bessent

U.S. Treasury Secretary who warned that Washington was preparing to apply secondary sanctions on those doing business with Iran.

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What they’re saying

“The key upside risk for the market is that peace talks between the US and Iran break down. This isn't an unrealistic scenario, given that US and Iranian demands remain fairly wide apart.”

— Warren Patterson and Ewa Manthey, ING Bank strategists

What’s next

The U.S. and Iran are expected to hold another round of talks in the coming weeks to try to extend the ceasefire and make further progress on a longer-term agreement.

The takeaway

The potential for a ceasefire extension and renewed diplomacy between the U.S. and Iran has boosted investor optimism, helping to lift Asian stocks and steady oil prices. However, analysts warn that the talks remain fragile and a breakdown could still disrupt global energy markets.