Asian stock markets opened sharply higher Thursday after Wall Street rebounded from earlier losses, though oil prices resumed their upward climb amid ongoing concerns about Middle East conflicts.

South Korea's Kospi index surged 11.4% to 5,682.16, recovering much of its historic single-day losses from Wednesday. The dramatic gains triggered temporary trading halts as investors sought bargain opportunities. President Lee Jae Myung responded by urging officials to activate an emergency financial package worth 100 trillion won ($68.5 billion) to calm market volatility.

Other major Asian markets also posted gains. Tokyo's Nikkei 225 rose 2.4% to 55,555.61, while Hong Kong's Hang Seng climbed 1% to 25,474.61. The Shanghai Composite gained 0.9% and Taiwan's main index advanced 2.6%. In Hong Kong, markets received additional support as Chinese Premier Li Qiang set the annual economic growth target at 4.5% to 5% during the National People's Congress session.

The gains followed Wednesday's Wall Street recovery, where the S&P 500 rose 0.8%, the Dow Jones Industrial Average added 0.5%, and the Nasdaq climbed 1.3%. U.S. markets were supported by positive economic data, including accelerated growth in services industries and stronger private sector hiring.

However, oil prices resumed their climb early Thursday, with Brent crude gaining 3.4% to $84.14 per barrel and U.S. benchmark crude jumping 3.8% to $77.51 per barrel. The renewed oil price increases reflect continued uncertainty about the duration of Middle East conflicts and their potential impact on global energy supplies.

Investors remain concerned about how prolonged conflict could affect inflation and corporate profits through higher energy costs. U.S. futures declined in early trading, with Dow futures falling 0.3% and S&P 500 futures dropping 0.2%, suggesting the recovery may face challenges.