Global Stocks Rise, Oil Steady Amid Iran Tensions

Asian stock markets posted gains Friday where trading occurred, even as many exchanges in the region closed for May Day holidays, while oil prices remained steady amid persistent tensions from the war involving Iran.

Brent crude held at 111.66 dollars per barrel, and the U.S. benchmark rose 46 cents to 105.53 dollars. Prospects for a three-week ceasefire deal appeared uncertain after Iran's supreme leader stated the country would protect its nuclear and missile capabilities as a national asset. Iran has closed the Strait of Hormuz to oil tankers, stranding shipments in the Persian Gulf, while a U.S. Navy blockade has halted Iranian oil exports.

The relative calm followed volatile trading Thursday, when Brent's July contract swung from a high of 114.70 dollars per barrel to a low near 107 dollars before settling at 110.40 dollars, little changed. The contract's peak during the war reached 119.50 dollars last month, compared with roughly 70 dollars before the conflict began.

U.S. stocks had rallied sharply Thursday to new records, shrugging off oil swings and economic uncertainty. The S&P 500 climbed 1 percent to 7,209.01, marking its best month in more than five years. The Dow...