Shares are mostly higher in Asia, with Kospi up 4%, while oil prices gain

Asian stock markets showed a generally positive trend on Wednesday, with shares mostly higher after U.S. stocks retreated from their record highs. However, oil prices rose as concerns remained about when the conflict with Iran might resume allowing crude to circulate freely. The Nikkei 225 in Tokyo climbed 0.6% to 67,334.94, while South Korea’s Kospi rose 4% to 6,597.90, driven by increased investments in computer chip companies.

Samsung Electronics and SK Hynix, both memory chip giants, led the gains in South Korea with gains of 7.7% and 7.1%, respectively. Taiwan's Taiex went up 0.8%, and the Shanghai Composite index increased 0.3% to 3,946.51, while the Hang Seng index in Hong Kong fell 1.2% to 25,352.13. The S&P/ASX 200 in Australia dropped 0.6% to 9,197.00.

Brent crude, the global benchmark, saw a 0.9% rise to $89.67, while U.S. crude oil gained 0.9% to $83.98. Iran has rejected President Donald Trump's assertion that it expects compensation during any discussions to end the war, as the U.S. and Israel struck Iran in late February, resulting in the closure of the Strait of Hormuz and a significant amount of oil getting trapped in the Middle East.

Prices for Brent crude have fluctuated between $72 and $102 per barrel in the past month. Additionally, an attack by Iran-backed Houthi rebels on a ship in the Bab el-Mandeb strait has heightened worries that the unrest could reignite a civil war and further jeopardize shipping routes in the region. Consequently, higher oil prices have led to increasing inflation, pushing the average cost of a gallon of regular gasoline to $4.01, according to AAA. This is an increase from less than $3.14 a year ago.