Global markets rallied Thursday after the emerging U.S.-Iran agreement fueled optimism that the ceasefire will hold. Asian equities led the move, with chipmakers and artificial intelligence shares driving major indexes in Japan, South Korea, and Taiwan to fresh records.
Japan’s Nikkei set an all-time high for a fourth straight session, breaking above 71,000 points for the first time. South Korea’s Kospi also reached a historic peak at 9,000.68 points, while Taiwan’s market climbed to 46,565.70. By contrast, the broader MSCI Asia-Pacific index excluding Japan rose only 0.2%.
Energy markets moved in the opposite direction. U.S. crude fell 2.7% to $74.70 a barrel and Brent dropped 2.3% to $77.70, both three-month lows. The agreement published by Washington and Tehran extends the April ceasefire by 60 days so both sides can pursue serious talks toward a permanent truce, and it restores full, free shipping through the strategic Strait of Hormuz.
The agreement also lifted U.S. futures, with the S&P 500 up 0.7%, the Nasdaq 100 up 1%, and the Dow Jones up 0.5%. European futures were lower in early trading, while investors awaited the Bank of England’s later meeting, where markets expect no change in rates. The International Energy Agency said global oil is expected to move into a significant supply surplus in 2027 after the market fully recovers from the Hormuz shutdown. Gold rose 1.32% to $4,314.09 an ounce, while bitcoin fell 0.93% to $63,776.04 and ether slipped 1% to $1,728.
