Both main crude contracts rose on Wednesday, and have risen around 14 per cent in the past week.
„Crude oil prices have surged in the last few days because the Strait of Hormuz remains effectively shut, and there are no signs of progress between the US and Iran,“ wrote Forex.com’s Fawad Razaqzada.
„The latest headlines around talks between Oman and Iran provided some relief, but we shouldn’t confuse talks with an actual breakthrough. Iran has come out saying that the Strait of Hormuz will remain shut until their conditions are met.“
He said the positions of the US and Iran indicated „any potential deal is still some way off, meaning risks remain skewed to the upside for oil prices“.
Equity markets fluctuated ahead of the CPI release, though Seoul enjoyed another strong day as it claws back some of the huge tech-led losses sustained in July.
The Kospi climbed more than 3 per cent, helped by chipmakers SK hynix and Samsung, which bore the brunt of that selloff.
The gains were helped by strong earnings reports from US AI giants CoreWeave and Super Micro Computer that eased worries about the years-long investment boom that has led many observers to question when firms will see a return.
Tokyo, Shanghai, Taipei, Manila and Jakarta also rose, though Hong Kong, Sydney, Singapore and Wellington were in the red.