Oil prices extended losses and stocks rallied on fresh hopes for an end to the Iran war and the reopening of the Strait of Hormuz, while Samsung blasted past the $1 trillion valuation mark as the AI tech boom continued apace, AFP reports.

Investors welcomed Donald Trump’s decision to pause efforts to help stranded ships through the crucial waterway.

Oil prices sank around 4 per cent yesterday. Today, they continued to fall, with West Texas Intermediate briefly dipping below $100 a barrel.

The cheaper oil prices provided support to equities, with investors taking their cue from another record day for the S&P 500 and Nasdaq, fuelled again by tech firms. Hong Kong, Shanghai, Sydney, Wellington, Taipei, Manila and Jakarta were all up.