Asian shares trade mixed as worries over Iran-US deal remain

Asian shares traded mixed early Wednesday as uncertainty lingered about an initial U.S.-Iran deal to end the war and about access to the Strait of Hormuz. In Japan, the Nikkei 225 rose 0.6% to 70,463.72. Australia’s S&P/ASX 200 fell 0.4% to 8,744.50, while South Korea’s Kospi dropped 1.8% to 8,322.39. The Shanghai Composite edged up 0.1% to 4,099.41, and trading was closed in Hong Kong. Tim Waterer of KCM Trade said oil markets price a gradual return of supply, but traffic through the Strait has not recovered to prewar levels. Oil prices drifted as two U.S. envoys arrived in Qatar to discuss implementing the Iran deal with mediators, without direct talks with Iranian diplomats in Doha. Benchmark U.S. crude gained 37 cents to $69.87; Brent rose 30 cents to $73.25. In currency markets, the dollar rose to 162.67 yen and the euro fell to $1.1405.