Asian markets mostly rose on Wednesday, led by strong gains in Japan and South Korea, as oil prices eased despite renewed military attacks by Iran on its Gulf neighbors and Israel. Investors appeared to take the escalating tensions in stride, focusing instead on falling crude prices and upcoming interest rate decisions in the United States.

Brent crude slipped back to near 102 dollars per barrel after topping 106 dollars earlier in the week, while United States benchmark crude also declined. Lower energy prices offered relief to major oil importers such as Japan and South Korea, helping lift Tokyo's Nikkei 225 and South Korea's Korea Composite Stock Price Index sharply higher. Markets in Australia, Taiwan, and India also advanced, though Hong Kong and Shanghai edged lower.

Investors are closely watching the Federal Reserve, which is widely expected to keep interest rates unchanged amid concerns that higher oil prices could fuel inflation. On Wall Street, major indexes posted moderate gains, with the Dow Jones Industrial Average, the Nasdaq composite, and the broad market index all finishing higher as companies including Delta Air Lines and Uber Technologies reported positive developments.

Although oil flows through the Strait of Hormuz remain constrained, there are tentative signs that some shipping may resume. Currency markets showed modest movements, with the dollar slightly weaker against the Japanese yen and little changed against the euro.