Asian shares advance as markets await signals on when the war with Iran may end

BANGKOK, March 11, (AP): Asian shares were mostly higher Wednesday with several benchmarks giving up much of their early gains as investors awaited signals on when the war with Iran may end. US futures rose and oil prices were mixed. Tokyo's Nikkei 225 gained 1.3% to 54,926.50 and South Korea's Kospi picked up 0.6% to 5,562.40 after gaining more than 3% earlier in the day.

In Hong Kong, the Hang Seng fell back, slipping 0.2% to 25,921.02, while the Shanghai Composite index edged 0.2% higher to 4,131.39. Australia's S&P/ASX 200 rose 0.6% to $8,743.50. Taiwan's benchmark climbed 4.1% and the Sensex in India fell 1.1%. In Bangkok, the SET gained 1.3%. Oil prices have remained sharply below their peaks hit on Monday.

Such spikes have been rocking financial markets worldwide because of worries that the war could block the global flow of oil and natural gas for a long time. "Asian equities and global futures managed to steady the ship today, helped by crude holding just below the psychologically charged $90 line. In the current regime, that single number functions less like a price and more like a pressure valve,” Stephen Innes of SPI Asset Management said in a commentary.

Early Wednesday, the price for a barrel of Brent crude, the international standard, was down 2 cents at $87.78. That’s about 10% below its settlement price the day before. US benchmark crude oil gained 53 cents to $83.98 per barrel. Oil prices plunged Monday afternoon from a high of nearly $120 per barrel, its most expensive level since 2022, after President Donald Trump told CBS News he thinks "the war is very complete, pretty much.”

That raised hopes that the war may end relatively soon, which could allow oil to flow freely again from the Middle East to customers around the world. However, both sides have sharpened their rhetoric as the war enters its 11th day. US Defense Secretary Pete Hegseth promised the most intense strikes yet while the Pentagon detailed the broader toll of injuries sustained by US troops.

The US said it took out more than a dozen minelaying Iranian vessels Tuesday, and the Islamic Republic vowed to block the region’s oil exports, saying it would not allow "even a single liter” to be shipped to its enemies. One point where Trump has remained clear was his desire to keep the Strait of Hormuz open. The war has effectively blocked the waterway off Iran’s coast, where a fifth of the world’s oil sails on a typical day.