Asian equities rose as mediation efforts in the Middle East pushed oil prices off recent highs, with Iran saying it had received a 10-day ceasefire proposal. Brent crude futures slipped 0.38% to $88.88 a barrel after earlier touching $91.42, while Yemen’s Iran-aligned Houthis threatened a naval blockade on Saudi Arabia. Japan’s Nikkei rose more than 1% and South Korea’s KOSPI gained nearly 3% as investors looked ahead to earnings from Alphabet and Intel to gauge how the conflict may affect AI-related hardware profits.

Yemen’s Houthi movement has threatened a naval blockade of Saudi Arabia, adding to risks for Middle East shipping and energy supplies. At the same time, the United States and Iran signaled talks on a 10-day ceasefire despite ongoing military exchanges. Brent fell 0.4% to $88.87 a barrel while WTI held at $82.47, as near-term geopolitical risk premium eased alongside expectations for declines in U.S. crude and gasoline inventories.