Australian shares edged higher on Wednesday as investors cheered the prospect of renewed peace talks between the U.S. and Iran. Crude supply worries lingered with the Strait of Hormuz still largely shut. Markets tempered their optimism as the Gulf’s key shipping lane remained largely closed, keeping oil supply fears on the table. Miners added 0.8%, closing at a one-month high, supported by stronger iron ore prices. Gold stocks jumped 3.8% to a month’s high, with Northern Star Resources and Evolution Mining advancing 3% and 10%, respectively. The technology sub-index gained 2.4%, tracking gains in U.S. technology stocks. Energy stocks fell nearly 2% amid ongoing supply concerns linked to the Strait of Hormuz closure. Virgin Australia jumped 7.2% after it forecast higher fuel costs and adjusted airfares and capacity for the second half. New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to 13,076.58 points, snapping a three-day losing streak.
