Asian equities rebound; crude firms on Strait of Hormuz uncertainty

Asian stock markets moved higher, led by rebounds in Japan and South Korea, while crude oil prices gained on uncertainty surrounding the Strait of Hormuz, the chokepoint through which a large share of seaborne crude and LNG transits. Hong Kong's Hang Seng remained range-bound, with traders watching a band roughly between 25,400 and 26,200. In Korea, SK Hynix drew technical attention as the stock tested Fibonacci support levels following recent weakness. Geopolitical risk premiums in energy markets have been sensitive to Middle East developments, including Israel's stance on Gaza, where Prime Minister Benjamin Netanyahu reiterated that Israeli forces would not withdraw until Hamas is what he described as genuinely disarmed.