On Wednesday in Asia, stocks moved in different directions while oil prices were largely flat as investors watched whether the United States and Iran might restart talks aimed at ending their war. The cautious tone reflected the market’s sensitivity to developments around the ceasefire and the prospect of a negotiated path, even as day-to-day pricing remained tied to global energy supply risks.

Brent crude edged up to $98.51 a barrel, while U.S. benchmark crude fell 0.4% to $89.29 a barrel. The moves came as traders continued to weigh how any change in hostilities could affect oil flows through the Persian Gulf region, including the Strait of Hormuz, a key passage for crude shipments.

President Donald Trump said he was extending the ceasefire with Iran at Pakistan’s request while awaiting a “unified proposal” from Tehran. At the same time, the U.S. military continued to keep its blockade of Iranian ports, according to the report.

Japan’s market performance stood out in both directions. The Nikkei 225 rose 0.5% to 59,653.56, while South Korea’s Kospi slipped 0.2% to 6,374.46.

Elsewhere across the region, Australia’s S&P/ASX 200 fell 0.9% to 8,866.20. Hong Kong’s Hang Seng dropped 1.3% to 26,137.59, and the Shanghai Composite gained 0.1% to 4,090.24; Taiwan’s Taiex rose 1.1%.

The background for the market watch was also visible in how Wall Street had moved the previous day. On Tuesday, U.S. stocks were initially lifted by signs that diplomats were working through back channels to arrange a new round of talks between the United States and Iran, but the S&P 500 later reversed to fall 0.6%.

In the bond market, Treasury yields eased as the decline in oil prices helped relieve some inflation pressure. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Monday, and the U.S. dollar moved lower against the yen, with the report citing 159.27 Japanese yen versus 159.38 at the prior comparison point.

The inflation and growth outlook also factored into risk sentiment. The International Monetary Fund projected that global inflation would accelerate to 4.4% from 4.1% in 2025, and it downgraded its forecast for global economic growth to 3.1% this year from 3.3% it had projected in January.

For some investors, the energy backdrop mattered because lower oil prices can reduce costs for businesses and help temper near-term inflation fears. The report noted that although oil prices remained above about $70 a barrel prior to the war beginning in late February, they were well below a peak of $119 reached earlier.