Asian markets rise as oil prices fall sharply

East Asian stock markets rose Wednesday as oil prices fell sharply, with Brent crude dropping 2.6 percent to $86.30 per barrel following a 4 percent decline the previous day. Investors cited Iran-Oman negotiations on a safe shipping route through the Strait of Hormuz. Japan's Nikkei-225 gained 0.6 percent, recovering from early losses, while Shanghai's Composite and Hong Kong's Hang Seng each rose 0.7 percent. Seoul's Kospi climbed 1.9 percent. However, Sydney's resource-heavy S&P/ASX 200 fell 0.2 percent, pressured by oil sector losses and July inflation data fueling rate hike expectations. Tokyo's Terra Drone surged 21 percent on prospects of a major defense ministry contract, while Woolworths rose 3.7 percent on strong results. Oil stocks declined region-wide, with S-Oil down 3.3 percent and Woodside Energy losing 3.9 percent.