Asian markets traded mostly higher in early deals on Wednesday, followed by sharp pullback in crude oil prices after reports that the International Energy Agency (IEA) is considering a record release of oil reserves to stabilize markets impacted by the US-Iran conflict. Diplomatic developments regarding the Middle East conflict and potential ends to active hostilities provided some support to the indices. Japan’s Nikkei surged in the session with the advancement in export gains with the weaker local currency yen.

Nikkei soared by 1,406.61 points or 2.59% to 55,655.00, Hang Seng lifted by 19.10 points 0.07% to 25,979.00, Taiwan weighted surged by 1,417.37 points or 4.32% to 34,189.24, Jakarta Composite rose by 6.60 points 0.09% to 7,447.51, KOSPI Index increased by 205.12 points or 3.71% to 5,737.71, Shanghai Composite added 2.18 points or 0.05% to 4,125.32 and FTSE Bursa Malaysia KLCI index was up by 2.26 points or 0.13% to 1,703.94.

On the flip side, Straits Times was down by 1.67 points or 0.03% to 4,858.97.