Hopes for reopening the Strait of Hormuz push Asian shares higher, as oil prices hold above $100

Asian shares jumped and the price of crude oil was holding above $100 a barrel on Thursday as investors bet on hopes the U.S. and Iran will strike a deal allowing tankers to deliver crude from the Persian Gulf again.

Japan’s benchmark Nikkei 225 index jumped 4.6% to 62,243.88, while the Hang Seng in Hong Kong gained 1.2% to 26,531.35.

The S&P/ASX 200 in Australia was up 1.2% at 8,870.90.

In South Korea, the Kospi slipped 1.4% to 7,281.37 and traders sold to lock in profits after the benchmark jumped nearly 7% a day earlier to barrel past 7,000 for the first time.

Taiwan’s Taiex surged 1.7%.

On Wednesday, markets rallied worldwide after President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.

Oil prices fell nearly 8% and the S&P 500 climbed 1.5% for its best day in nearly a month, setting a fresh record. The Dow Jones Industrial Average jumped 1.2%, and the Nasdaq composite rose 2%.

Early Thursday in Asian trading, Brent crude oil rose $1.06 to $102.29 a barrel, while U.S. benchmark crude oil gained $1.20 to $96.28 a barrel.

Oil prices sank Wednesday, and stock markets rallied worldwide with hopes that the United States and Iran are nearing a deal to allow ships to...