Asian stock markets extended gains Thursday, led by tech firms amid renewed optimism for the artificial intelligence sector. Seoul's Kospi index surged more than 4 percent, driven by chipmakers SK hynix and Samsung Electronics. Markets were buoyed after Alphabet projected it would spend as much as $205 billion on AI investments this year to expand capacity.
Energy markets roiled as Yemen's Houthi rebels claimed strikes on two Saudi oil tankers in the Red Sea on July 23, following Wednesday's proposed ceasefire. Brent crude jumped more than 3 percent, breaking above $95 a barrel, the highest since early June. President Donald Trump escalated rhetoric, threatening to destroy one Iranian bridge or power plant per attack on shipping in the Strait of Hormuz.
Tokyo and Hong Kong also closed higher, while the Japanese yen remained near its lowest level against the dollar since 1986, above 163. Tesla shares fell 4 percent in after-hours trading following its earnings report. Microsoft, Meta, and Amazon are scheduled to report results next week.