Asia Markets Get Chip Boost, Oil Wavers as Middle East Tensions Simmer

By Kimberley Kao and Fabiana Negrin Ochoa

Oil futures were choppy early Thursday, but Asian indexes got a chip-driven boost even as Middle East tensions simmer and investors await further news on potential U.S.-Iran talks.

There were more signs of continued conflict around the critical Strait of Hormuz, with Iran attacking three ships in the waterway and escorting two to Iranian waters. However, White House press secretary Karoline Leavitt said the attacks didn't constitute a violation of the cease-fire.

The Wall Street Journal reported that mediators are scrambling to get the diplomatic process back on track, according to officials familiar with the matter.

Despite the uncertainty, Asian indexes got an early lift from chip stocks--signaling that the region's artificial-intelligence advantage can help buffer against the fallout from the conflict.

Japan's Nikkei Stock Average briefly surged above the 60000 threshold for the first time, led by gains in semiconductor-related stocks.

The benchmark index was last 0.5% higher, fueled in part by gains in SoftBank Group and Renesas Electronics.

South Korea's Kospi was up 1.8%, powered by rises in chip-making heavyweights Samsung Electronics and SK Hynix.

Movements were mixed elsewhere, with Malaysia's KLCI Index opening higher, while Singapore's FTSE Straits Time Index started the day lower.

Australia's S&P/ASX 200 benchmark index was last down 0.4%.

Oil prices were volatile in the morning session, with front-month West Texas Intermediate and Brent crude oil futures gaining 1.2% each before pulling back. WTI was last flat at $93.00 a barrel, and Brent was up 0.2% at $102.07 a barrel, according to ICE data.

U.S. futures tied to the S&P 500 and Jones Industrial Average futures were down 0.3% and 0.5% respectively, while Nasdaq futures were 0.2% lower.

Gold was flat at $4,746.45 a troy ounce, while Bitcoin was slightly lower but holding above key levels and firmly above $78,000.

An indefinite extension to the Middle East ceasefire is positive for markets, indicating that a re-escalation is less likely, ANZ Research said in a note.

"But there has been little to suggest the U.S. and Iran are moving closer to an enduring resolution in the near term," it said, adding that energy markets will remain on edge until there is clarity on when the strait will reopen.

--Kosaku Narioka contributed to this report

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 22, 2026 21:37 ET (01:37 GMT)