Japan’s Nikkei 225<\/a> jumped 1.43% to end the session at 55,025.37 while the Topix added 0.94% to close at 3,698.85. South Korea’s Kospi advanced 1.4% to 5,609.95 while the small-cap Kosdaq closed flat at 1,136.83.<\/p>\n Hong Kong’s Hang Seng index<\/a> fell 0.2%, while the CSI 300 added 0.64% to close at 4,704.50.<\/p>\n Oil prices, which spiked to nearly $120 a barrel Monday at the height of fear around the Iran conflict, dropped from their height as traders believed a\u00a0group of countries would tap emergency crude reserves<\/a>\u00a0to mitigate disruption caused by the conflict.<\/p>\n U.S. crude oil was last up 3.24% at $86.15 per barrel.<\/p>\n “The most immediate impact of an oil shock is that it acts like a tax on the economy. When energy prices surge, households spend more on fuel and utilities and less on everything else, which quietly slows consumer demand across the broader economy,” said David Johnson, CEO of financial services firm Vervent.<\/p>\n Hong Kong-listed shares of Chinese electric vehicle maker Nio surged more than 15% after the company reported a sharp improvement<\/a> in fourth-quarter results, helped by surging deliveries, better product mix and cost cuts. <\/p>\n Fourth-quarter vehicle deliveries jumped 71.7% from a year earlier to 124,807 units, while revenue rose 75.9% to 34,650.2 million yuan ($4,954.9 million) and vehicle margin improved to 18.1% from 13.1% a year ago. <\/p>\n Stock Chart IconStock chart icon Overnight in the U.S., the\u00a0S&P 500<\/a>\u00a0fell slightly in choppy trading as oil prices pulled back and traders kept an eye on the Iran war.<\/p>\n The broad market index dropped 0.21% to end at 6,781.48. The\u00a0Dow Jones Industrial Average<\/a>\u00a0dipped 34.29 points, or 0.07%, and closed at 47,706.51. The\u00a0Nasdaq Composite<\/a>\u00a0inched up 0.01% to settle at 22,697.10.<\/p>\n Earlier in the session, the Dow had dropped as much as 296.57 points, or 0.6%, while the S&P 500 and Nasdaq were down 0.5% and 0.4%, respectively, at their lows.<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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