Oil prices fell and stock markets in Asia rose on Wednesday as investors took comfort in President Trump’s about-face to pause the day-old U.S. operation to escort commercial ships through the Strait of Hormuz, citing what he called “great progress” toward a peace agreement with Iran.

The president’s decision to halt the operation came as China’s foreign minister, Wang Yi, held talks with Iran’s foreign minister in Beijing on Wednesday, according to China’s official Xinhua news agency. China is a major buyer of Iranian oil and could exert its influence to urge Tehran to maintain stability with Washington ahead of a summit next week between President Trump and China’s leader, Xi Jinping.

Oil prices slide.

• The price of Brent crude, the global benchmark for oil, was down 2 percent to about $108 a barrel.

• West Texas Intermediate crude, the U.S. benchmark, fell 2 percent to around $100 a barrel.

• Investors and analysts are focused on the continued disruption to shipping in the Strait of Hormuz, the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas that normally carries as much as one-fifth of the world’s oil supply.

Stocks gain.

• Futures on the S&P 500 pointed to a modest bump when stocks resume trading in the United States on Wednesday.

• Stocks in Asia, where countries import vast quantities of oil and gas, were higher across the board. South Korea’s KOSPI index rose 6 percent, while stocks in mainland China rose more than 1 percent.

Gasoline and diesel prices rise.

• Gas prices rose again on Tuesday, jumping to a national average of $4.48 a gallon, according to the AAA motor club. The increase has raised the cost for drivers by 51 percent since the war began.

• Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.

• The average price of diesel held steady at $5.66 a gallon on Tuesday, up 51 percent since the start of the war.