Dubai, UAE — Oil prices extended gains on Wednesday as uncertainty over Middle East diplomacy supported crude markets, while global equities largely advanced on continued investor enthusiasm for artificial intelligence-linked technology stocks.
Media reports said that Brent crude and U.S. West Texas Intermediate futures both rose more than 1%, taking weekly gains to around 5%, as hopes for progress in regional peace efforts remained elusive.
At the same time, stock markets extended a rally led by technology shares and companies tied to AI-related demand.
Tokyo’s benchmark index climbed more than 2%, supported by an 11% surge in chip equipment maker Tokyo Electron and gains in semiconductor testing firm Advantest. Taiwan stocks also rose more than 2%, aided by advances in Taiwan Semiconductor Manufacturing Co.
Shanghai, Sydney, Singapore and Manila traded higher, while Hong Kong, Wellington and Jakarta edged lower. South Korean markets were closed for a public holiday.
“Equity markets are once again taking their cue from the technology sector rather than the geopolitical headlines,” IG chief market analyst Chris Beauchamp said, according to France24.
Iranian missile and drone attacks
Iran’s Revolutionary Guards Corps (IRGC) said it had launched missile and drone attacks against the headquarters of the U.S. Fifth Fleet, as well as an airbase and helicopters in a regional country, according to Iranian media reports on Wednesday.
The IRGC said the attacks were carried out in response to what it described as a U.S. strike on a communications tower south of Qeshm Island.
Iranian media also reported that the IRGC navy targeted a vessel identified as Panaya with missiles, alleging it was responding to a U.S. attack on an Iranian tanker near the Strait of Hormuz that damaged the vessel’s engine room.
“Disrupting the security of the Strait of Hormuz will carry a heavy price for the U.S. military,” Iranian media quoted the IRGC as saying.
Separately, U.S. Central Command said it had “successfully defeated” a series of Iranian missile and drone attacks and conducted self-defence strikes on Iran’s Qeshm Island.
“Iran launched several ballistic missiles towards regional neighbours; however, all failed to hit their intended targets,” CENTCOM said in a statement.
The command said two Iranian missiles fired toward Kuwait fell short or broke apart during flight, while three missiles launched toward Bahrain were intercepted by U.S. and Bahraini air-defence systems.
Rubio rejects sanctions-relief reports
U.S. Secretary of State Marco Rubio said on Tuesday that President Donald Trump’s negotiating team had not offered Iran any sanctions relief in exchange for reopening the Strait of Hormuz.
His comments came as diplomatic efforts continued across the region.
The first day of direct talks between Israeli and Lebanese ambassadors in Washington ended without progress, despite Trump saying earlier that he had received commitments from both sides to pursue de-escalation.
Meanwhile, Israel continued strikes in southern Lebanon, a day after Trump urged Israeli Prime Minister Benjamin Netanyahu not to attack Beirut in an effort to prevent further escalation in the conflict.
