TOKYO: Japan’s Nikkei share average rallied on Friday, trimming its losses for the week, following global efforts to restore Persian Gulf oil shipments interrupted by the war in Iran.
Artificial intelligence (AI)-related stocks led the Nikkei higher, with the gauge rising 1.26 percent to close at 53,123.49, ending the week down 0.47 percent. The broader Topix climbed 0.93 percent to 3,645.19.
Overnight, dozens of countries sought ways to restart vital energy shipments through the Strait of Hormuz after US President Donald Trump vowed more aggressive attacks on Iran.
Since commencing with a joint US-Israeli aerial assault on Iran on February 28, the conflict has continued to spread chaos across the Middle East, driving prices for petroleum products sharply higher. Japan’s economy remains exposed to spikes in crude oil prices due to its reliance on imported energy.
“Growing expectations for the reopening of the Strait of Hormuz have led to a drop in crude prices in Tokyo, which appears to be supporting the Japanese stock market,” said Wataru Akiyama, a strategist at Nomura Securities.
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