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Asian equities climbed as investors doubled down on the AI trade, even as Middle East tensions pushed oil higher and weighed on bonds. The MSCI Asia Pacific Index rose 0.5%, led by technology shares, while South Korea’s Kospi jumped 4.5% to a record and an Asian chipmaker gauge hit a fresh peak after US semiconductors closed at all-time highs on Friday.

Global markets retreated at the end of the week as renewed tensions between the US and Iran reignited concerns over Middle East energy supplies and their impact on global growth.

Global equities continue to hit new record highs as investors grow optimistic that the US and Iran are moving closer to a deal that could ease tensions in the Middle East and restore oil shipments through the Strait of Hormuz.