Asian stocks jump after Wall Street soars on renewed hopes of Iran war end

HONG KONG (AP) — Asian shares were sharply higher Wednesday after U.S. stocks soared to their best day since last spring on renewed hopes that the Iran war could soon end.

South Korea’s Kospi surged 5.2% to 5,312.45 in early trading, while Tokyo’s Nikkei 225 rose 3.5% to 52,840.67.

Australia’s S&P/ASX 200 was up 1.9% to 8,641.30.

The renewed optimism came after U.S. President Donald Trump said on Tuesday the United States will be done attacking Iran probably in two to three weeks, and that the U.S. “will not have anything to do with” what happens next in the Strait of Hormuz.

The White House said Trump will deliver a public address Wednesday evening on the Iran war.

Trump’s remarks came after he told U.S. allies to “go get your own oil” and blamed them for refusing to be more involved in its war effort. Significant maritime traffic disruption at the Strait of Hormuz, where roughly a fifth of the world’s oil typically passes through, has sent energy prices surging and is fueling global inflation.

Oil prices steadied after an earlier dip. The price for a barrel of Brent crude, the international standard, was up 0.6% at $104.62 early Wednesday. Benchmark U.S. crude rose 0.9% to $102.30.

On Tuesday, the S&P 500 jumped 2.9% for its largest gain since May to 6,528.52. The Dow Jones Industrial Average surged 2.5% to 46,341.51, and the Nasdaq composite leaped 3.8% to 21,590.63.