Strait of Hormuz reopening hopes lift Asia-Pacific markets. Iran and Oman are reportedly drafting a protocol to monitor transit through the critical waterway, sparking optimism for resumed oil shipments. Oil prices surged Thursday with U.S. crude jumping nearly 12% to $112.06 per barrel and Brent crude rising 8% to $109.24. Spot prices for Brent crude soared to $141.36, the highest since 2008. South Korea's Kospi led regional gains, rising 2.74% to 5,377.3, while Japan's Nikkei 225 climbed 1.26% to 53,123.49 on energy stock strength. Japanese government bond yields hit multi-decade highs as markets react to geopolitical developments. China's CSI 300 index fell 0.85% to 4,440.79. The potential reopening of this crucial shipping route could significantly impact global energy markets and stabilize crude prices.
