World stock markets rose on Thursday amid growing optimism that a potential US–Iran agreement could reopen the Strait of Hormuz and allow oil shipments to resume, while Brent crude prices remained just above the $100 mark.

Japan’s benchmark Nikkei 225 surged nearly 6% to a record high, with the index jumping more than 3,300 points to 63,086.00 after trading resumed following the “Golden Week” holiday. The rally was driven largely by strong gains in technology and semiconductor stocks.

Elsewhere in Asia, Hong Kong’s Hang Seng Index rose 1.7%, while South Korea’s the kospi climbed 1.4% to another record close. Taiwan’s Taiex also advanced 1.9%, boosted by gains in major chipmaker TSMC.

European markets showed mixed trends, with Germany’s DAX edging higher and France’s CAC 40 posting slight gains, while Britain’s FTSE 100 slipped.

Investor sentiment improved after reports that Washington and Tehran are nearing a deal that could ease restrictions on shipping through the Strait of Hormuz, a critical global oil route. The prospect lifted Wall Street on Wednesday, with US stocks posting strong gains and oil prices falling sharply.

However, crude oil remained volatile. Brent crude traded around $100 per barrel on Thursday after fluctuating in early Asian trading, reflecting continued uncertainty over supply disruptions linked to the conflict and US military pressure on Iran.

The Strait of Hormuz, a key passage for global energy shipments, has been at the centre of tensions amid the ongoing war, which has disrupted tanker movement and contributed to inflationary pressure worldwide.

US markets had previously rallied after comments suggesting the waterway could reopen under a potential agreement, while strong corporate earnings from major technology firms also supported investor confidence.

Currency markets showed limited movement, with the US dollar trading slightly lower against the Japanese yen and the euro edging higher.