Japan’s benchmark Nikkei 225 stock index has surpassed 65,000 for the first time.
The index reached an all-time high on May 25 after media reports surfaced that the Strait of Hormuz waterway may reopen soon to commercial oil shipments.
U.S. President Donald Trump said in a social media post that negotiations with Iran were “proceeding in an orderly and constructive manner” and the Strait of Hormuz will open soon.
Oil prices fell more than 5% after Trump’s comments, easing pressure on stocks.
West Texas Intermediate (WTI) crude oil, the U.S. standard, dropped 4.71% to $92.06 U.S. per barrel. Brent crude oil, the international benchmark, fell 4.42% to $98.96 U.S. a barrel.
U.S. markets are closed on May 25 for the Memorial Day holiday.
However, Japan’s Nikkei 225 index ended the trading session 2.87% higher at 65,158.19 after hitting an intraday record high.
Taiwan’s Taiex index finished 3.26% higher at 43,644.40 after also hitting an all-time high. Australia’s S&P/ASX 200 rose 0.40% to 8,692.
Markets in Hong Kong and South Korea are also closed for public holidays on May 25.
While U.S. markets are closed for the day, all three of the major American indices are at or near record highs after rallying strongly since the end of March this year.
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