Anshun bridge reflecting in the Jinjiang river at dusk in Chengdu, Sichuan Province, China.

© Philippe Lejeanvre | Moment Open | Getty Images

South Korea's Kospi index surged 1.48% to end the day at 3,021.84, its highest level since Dec. 9, 2021.

The benchmark also rose for the fourth consecutive week as investors await newly elected President Lee Jae-myung's capital market reforms.

Kospi

The Kospi has been a standout performer in Asia-Pacific and has gained 25.94% since the start of the year.

By comparison, Hong Kong's Hang Seng Index has jumped 16.85% and India's Nifty 50 has risen 6%.

Meanwhile, Japan's Nikkei 225 has fallen 3.52%, and China's CSI 300 has dropped 2.24%.

— Amala Balakrishner

There is around a $10 geopolitical risk premium on oil at the moment, according to Daniel Yergin, vice-chairman at S&P Global, who noted that the range of oil has "moved down" from its previous band of $55 to $70 per barrel.

The heightened risk premium is not due to disruption, but the threat of one, noted Yergin, highlighting factors such as Iranian mining and U.S. naval presence in the Strait of Hormuz.

Asia is particularly vulnerable to any disruptions in the Strait of Hormuz, Yergin said, with China as one of the dominant buyers of Iranian oil.

"That supply really doesn't flow West anymore. So it's China and then it's India. China does not want to see this trade of Hormuz closed from its point of view."

This trade relationship needs to be part of Iran's calculation too, Yergin said.

U.S. crude oil fell 0.19% to $75 per barrel, while global benchmark Brent shed 2.73% to $76.71 per barrel as at 2.30 p.m. Singapore time

— Neha Hegde, Connie Tan

The Philippine central bank, Bangko Sentral ng Pilipinas, will decide on the timing of its next rate cut in August, its governor, Eli Remolona, told CNBC's "Squawk Box Asia" as developments in the Middle East unfold.

The bank cut rates Thursday by 25 basis points to 5.25%.

"We could do another rate cut in August, or we could pause and do the rate cut in October instead of August. That's one possibility. But we're looking at the data every day, and we're going to decide in August," Remolona said.

— Neha Hegde, Diane Jorolan

Spot gold

The bullion — which is considered a hedge against political and financial instability — has risen 31.2% since the start of the year, according to LSEG data.

— Amala Balakrishner

South Korean stocks rallied on Friday and crossed the 3,000 mark for the first time since January 2022.

As of 11.05 a.m. local time, the Kospi index had risen 0.99% to 3,007.13. The index is set to log its fourth weekly gain as markets cheered newly elected President Lee Jae-myung's plans for capital market reforms.

KOSPI index

Meanwhile, the small-cap Kosdaq index was last seen trading up 1.08% at 791.09, its highest since Aug. 1 2024.

Among the index heavyweights, Samsung Electronics was last seen up 0.42%, while SK Hynix added 3.86%.

— Amala Balakrishner

South Korea's wholesale inflation rate rose 0.3% year on year in May compared to 0.8% the month before.

This is the lowest growth in prices since they fell in July 2023, according to LSEG data.

The preliminary figures from the Bank of Korea released on Friday show that lower print was due to decline in sectors such as agricultural foods, coal and petroleum and financial and insurance activities.

On a month-on-month basis, the producer price index fell 0.4% in May, compared to April's 0.2% drop.

— Amala Balakrishner

Rice prices in Japan more than doubled in May, spiking 101.7% year over year and marking its largest increase in over half a century.

The huge spike follows a 98.4% increase in April, and a rise of 92.1% year over year in March.

Japan's rice prices have been in the spotlight in recent times, with the government releasing emergency stockpiles to moderate the price of the country's staple food.

The surge in rice prices comes as Japan's core inflation rate climbed to 3.7% in May, marking its highest level since January 2023.

Read the full story, here.

— Lim Hui Jie