Asian stocks looked set to rise as traders stayed bullish on the AI trade even as the US and Iran failed to reach any peace deal. Oil climbed and Treasuries fell.

Equity-index futures for Australia, Japan and South Korea pointed to gains at the open after Wall Street benchmarks posted modest advances to set up a record close. West Texas Intermediate crude held above $98 a barrel Tuesday after President Donald Trump said the ceasefire with Iran was on “massive life support” and rejected the Islamic Republic’s latest peace proposal.