Most Asian Markets were traded in the positive territory thanks to the summit between North Korea's Leader Kim Jong and the South Korean President, Moon Jae-in. Japan’s Nikkei 225 went higher by 0.42 percent; the Topix index added 0.14 percent to its value. The Australian ASX 200 climbed up by 0.29 percent in afternoon trade with most of its sectors closing in the green zone. Energy and materials gained 0.29 percent and 0.51 percent respectively.
Chinese mainland markets closed the session mixed. Shanghai composite went down by 0.44 percent. The Shenzhen composite rose by 0.22 percent. In Hong Kong, The Hang Seng closed higher by 0.2 percent.
Oil prices climbed beyond the $75 per barrel mark earlier this week on account of fears that the U.S. would pull out of the international nuclear deal signed with Iran. The geopolitical tension has prompted analysts to speculate that oil could easily exceed the $80 per barrel mark if President Donald Trump refused to sign the nuclear deal by May 12.
While the American leader has less than three weeks to make his final decision, the uncertainty has already caused oil prices to spike. They are currently 13 percent higher compared to the last three years. The rise is already being felt at the pups with prices hitting $2.79 per gallon in the United States.