TOKYO (AP) — Asian shares mostly rose in Wednesday trading, echoing the rally on Wall Street that came as oil prices eased on hopes the United States and Iran may try again on talks to end their war.

Japan’s Nikkei 225 gained 0.4% in afternoon trading to 58,122.52. Australia’s S&P/ASX 200 was little changed, inching up less than 0.1% to 8,978.70. South Korea’s Kospi jumped 2.1% to 6,092.77. Hong Kong’s Hang Seng edged up 0.4% to 25,980.69, while the Shanghai Composite declined less than 0.1% to 4,023.40.

On Wall Street, the S&P 500 added 1.2% to its leap from the day before, and the index at the heart of many 401(k) accounts is just 0.2% below its record set in January.

The Dow Jones Industrial Average rose 317 points, or 0.7%, and the Nasdaq composite climbed 2%.

On Wednesday, benchmark U.S. crude fell 58 cents to $90.70 a barrel. Brent crude added 7 cents to $94.86, or less than 1% after falling 4.6% the day before. While that’s still above its roughly $70 price from before the war began in late February, it’s well below the peak level of $119.

Lower oil prices help bring down costs for all kinds of businesses. But some analysts noted the war was still ongoing, warning that the optimism may be unfortunately unfounded.

“The counterintuitive decline in crude appears driven by growing hopes that a second round of peace talks between Washington and Tehran could soon materialize, after the first attempt fizzled out. Traders are clearly choosing to price in the possibility of de-escalation rather than the immediate reality of restricted flows,” said Tim Waterer, chief market analyst at KCM Trade.

Asian nations depends on access to the Strait of Hormuz, a narrow waterway that’s the main avenue for crude oil produced in the Persian Gulf area to reach customers worldwide. Blockages there have kept oil off the global market, which has in turn driven up its price.

Global inflation this year looks set to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had earlier thought inflation would slow to 3.8%. The IMF on Tuesday also downgraded its forecast for global economic growth to 3.1% this year from the 3.3% it had forecast in January.

All told, the S&P 500 rose 81.14 points to 6,967.38. The Dow Jones Industrial Average gained 317.74 to 48,535.99, and the Nasdaq composite climbed 455.35 to 23,639.08.

In the bond market, Treasury yields eased as the fall for oil prices took some of the pressure off inflation. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Monday.