Asian stocks may open with modest gains after US shares closed higher on hopes the Iran war is slowly moving toward a resolution. Trading is set to be muted with a number of regional markets shut for holidays.

The S&P 500 Index closed up 0.1% Thursday after earlier tumbling as much as 1.5%, while the Nasdaq 100 also ended 0.1% higher. Oil rallied above $110 a barrel after US President Donald Trump vowed an escalation of the war over the coming weeks, even as he pressed Iran to make a deal to end the conflict. Japanese stock futures rose, suggesting shares will open higher.