On Friday, optimism swept through Asia-Pacific markets as reports emerged of Iran and Oman working together on a protocol to oversee transit through the vital Strait of Hormuz. This collaboration has sparked hopes for a partial reopening of this crucial maritime passage.

Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, stated that tanker traffic through this strategic oil-shipping route should be “supervised and coordinated” by both countries. This statement was reported by the Iranian state news agency, IRNA.

Prior to the Good Friday market closure, oil prices experienced a significant surge on Thursday. U.S. crude futures saw a dramatic rise of nearly 12%, reaching $112.06 per barrel. Meanwhile, the global benchmark Brent crude climbed approximately 8%, trading at $109.24.

Reflecting the upward trend, the spot price for current physical cargoes of Brent crude oil skyrocketed to $141.36. This marks the highest level since the financial crisis of 2008, as noted by S&P Global.

Among the regional markets, South Korea’s Kospi index emerged as a leader, posting a robust gain of 2.74% to close at 5,377.3. The small-cap Kosdaq also moved upward, increasing by 0.74% to settle at 1,063.75.

Adding to the day’s significant events, South Korean President Lee Jae Myung is scheduled to meet with French President Emmanuel Macron for a summit meeting on Friday, fostering international diplomatic engagements.

The Blue House said in a statement that the two countries are expected to upgrade their relationship to a ‘Global Strategic Partnership,’ marking the first upgrade in 22 years.

The Korea Times reported that the two sides are expected to discuss expanding cooperation in trade and investment, as well as in sectors such as artificial intelligence, nuclear energy and space.

Japan’s Nikkei 225 was up 1.26% and ended the day at 53,123.49, driven by consumer non-cyclical stocks, and the broad-based Topix was 0.93% higher and closed at 3,645.19, powered by energy stocks.

On Friday, Finance Minister Satsuki Katayama reportedly said that the impact of U.S. President Donald Trump’s nationwide address on Wednesday was “quite significant,” adding that speculative activity was seen in both crude oil futures and currency markets.

Yields on Japanese government bonds had also hit records, with the 2-year JGB yield reaching 1.39%, its highest level since 1995. The benchmark 10-year JGB bond yield was at 2.399%, its highest since 1999.

The CSI 300 index in mainland China reversed earlier gains, falling 0.85% to 4,440.79.

The Australian and Hong Kong markets were closed for the Easter weekend.

Overnight in the U.S., markets saw a volatile session amid rising oil prices, but the major indexes ended little changed heading into the holiday weekend, with the blue-chip Dow declining 61.07 points, or 0.13%.

The S&P 500 advanced 0.11%, and the Nasdaq Composite gained 0.18%.

— CNBC’s Kevin Breuninger, Lisa Kailai Han and Sean Conlon contributed to this report.