Oil jumps 3%; Asian stocks rebound in early trade

By GT24x7 Correspondents · 29 July 2026 · GlobalToday24x7

Oil prices jumped more than three per cent in early Asian trade on Wednesday. Brent crude futures rose 3 per cent, while U.S. West Texas Intermediate crude gained more than 3 per cent after the U.S. Central Command said Iran had launched multiple ballistic missiles that were successfully intercepted.

Meanwhile, Asian stocks rebounded after a sharp selloff a day earlier, as concerns over valuations, rising competition and AI spending rattled markets ahead of key earnings from major technology firms and the U.S. Federal Reserve's policy decision.

South Korean stocks gained more than 1 per cent in early trade after plunging over 10 per cent to a three-month low on Tuesday. Shares of SK Hynix climbed 2 per cent after the chipmaker reported a more than sixfold rise in quarterly operating profit. Japan's Nikkei advanced 1 per cent but remained on track for a 10 per cent decline in July. Nasdaq futures were volatile in Asian trading and were last up 0.5 per cent, while European futures indicated a higher opening.