Asian markets end mostly higher as crude oil prices plunge

Asian markets ended mostly higher on Wednesday tracking a sharp fall in crude oil prices and a drop in bond yields, amid hopes that the vital Strait of Hormuz could soon reopen. Iran said it had restarted talks with Oman on managing the Strait. The Shanghai Composite gained as investors eagerly awaited developments from the ongoing meeting of the National People’s Congress Standing Committee. However, traders were reluctant to make significant bets ahead of key events in the coming days, including key U.S. inflation data and U.S. Fed Chair Kevin Warsh’s debut speech at the annual Jackson Hole conference. Investors also awaited another pivotal earnings report from AI heavyweight Nvidia. On the economic data front, Singapore’s manufacturing production grew by 6.8% year-on-year in July 2026, slightly below market forecasts for a 6.9% gain, but easing from a 7.5% rise in June. Meanwhile, South Korea’s manufacturing Business Survey Index fell to 81 points in August 2026 from 82 in July, indicating a continued deterioration in business conditions.