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In early European trading, Germany’s DAX edged 0.2% higher to 24,988.08 and the CAC 40 in Paris was up 0.3% at 8,325.55. Britain's FTSE 100 slipped 0.3% to 10,411.19.

The future for the S&P 500 was up 0.1% while that for the Dow Jones Industrial Average climbed 0.3%.

Japan's Nikkei 225 has gained nearly 20% in the past three months and more than 70% in the past year, pushed higher by strong buying of tech shares that have benefited from the boom in artificial intelligence.

Computer chip equipment maker Tokyo Electron gained 9% and testing equipment maker Advantest Corp. added 6.8%. Shin-Etsu Chemican gained 8.5%.

“I think it’s a kind of bubble because buying activity concentrated on leading AI, artificial intelligence stock and semiconductor-related stocks. It’s a situation where only semiconductor stocks are being bought,” said Takashi Hiroki, chief strategist at MONEX.

Elsewhere in Asia, the Hang Seng in Hong Kong gained 1.7% to 26,668.37.

The S&P/ASX 200 in Australia was up 0.8% at 8,862.40.

In South Korea, the Kospi reversed early losses, gaining 1.4% to 7,490.05, the second straight day it has closed at a record high. The benchmark jumped nearly 7% on Wednesday to barrel past 7,000 for the first time.

Taiwan's Taiex surged 1.9%, lifted by a 3.1% gain for big computer chipmaker TSMC.

On Wednesday, markets rallied worldwide after President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.

Oil prices fell nearly 8% and the S&P 500 climbed 1.5% for its best day in nearly a month, setting a fresh record. The Dow industrials jumped 1.2%, and the Nasdaq composite rose 2%.

However, optimism was tempered by The U.S. military fired on an Iranian oil tanker Wednesday as President Donald Trump sought to pressure Tehran into reaching a deal to end the war. The military said in a social media post that a fighter jet shot out the rudder of the tanker in the Gulf of Oman as the vessel tried to breach an American blockade of Iran’s ports.

Early Thursday in Asian trading, Brent crude oil yoyoed on Thursday, shedding early gains to fall 30 cents to $100.97 a barrel. Benchmark U.S. crude oil slipped 37 cents to $94.71 a barrel.

Oil prices sank Wednesday and stock markets rallied worldwide on to allow ships to deliver crude through the Strait of Hormuz.

The price for a barrel of Brent crude oil, the international standard, fell 7.8% to $101.27, down from more than $115 early this week. But after dipping below $97 a barrel, it pushed back above $100 after Trump threatened to start bombing “at a much higher level and intensity” if Iran does not accept his proposed agreement.

The effective closure of the strait due to the war threatens because the conflict has blocked oil tankers from using it to exit the Persian Gulf. A reopening could allow oil to flow freely again and remove pressure on inflation that’s driving prices up for worldwide.

U.S. stocks have remained resilient despite the war thanks partly to strong profit reports by big for the start of 2026.

Chipmaker AMD helped lead the market Wednesday with a surge of 18.6% after it joined the list of big-name companies topping expectations for both profit and revenue.

In other dealings early Thursday, the U.S. dollar fell to 156.39 Japanese yen from 156.40 yen. The euro rose to $1.1752 from $1.1747.