𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Oil prices fell to around $94 on Thursday morning and Asian stocks climbed as optimism over a potential deal to end the Iran war and strong corporate earnings lifted markets across the region.

Brent ‌crude opened 0.4 per cent lower at $94.55 a barrel after reports that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals offered in negotiations with the United States.

It rose 0.3 per cent later to $95.23 a barrel as a major oil refinery fire in Australia raised supply concerns.

Japan’s Nikkei reached a fresh record in early trading, up 2.2 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.9 per cent, putting it on track for a third consecutive day of gains. S&P 500 futures were also higher.

The gains followed a strong Wednesday session on Wall Street, where the S&P 500 rose 0.8 per cent and the Nasdaq gained 1.6 per cent after strong quarterly results from Bank of America and Morgan Stanley lifted both indexes to record highs. With around 6 per cent of companies having reported earnings, 84 per cent have beaten analyst expectations.