TOKYO (AP) — Global shares mostly advanced and Japan’s benchmark Nikkei 225 briefly topped 70,000 for the first time Tuesday before trimming early gains after the Bank of Japan raised its key interest rate to 1%.

The quarter percentage point hike took the benchmark rate to its highest level in three decades.

France's CAC 40 jumped 0.7% in early trading to 8,446.06, while the German DAX added 0.8% to 25,102.01. Britain's FTSE 100 surged 0.6% to 10,492.11.

The future for the S&P 500 was nearly unchanged while that for the Dow Jones Industrial Average edged 0.1% higher.

Japan's Nikkei 225 rose 0.1% to finish at 69,404.50, while South Korea's Kospi moved further into record territory, gaining 2.1% to 8,726.60.

In Hong Kong, the Hang Seng slipped 1.4% to 24,493.95, while the Shanghai Composite fell 0.1% to 4,091.89.

Australia’s S&P/ASX 200 was little changed, rising less than 0.1% to 8,917.70.

Taiwan's Taiex surged 0.9%, while India's Sensex picked up 0.7%.

On Monday, stock markets rallied worldwide and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.7% and the Dow climbed 0.9% to a record. The Nasdaq composite jumped 3.1%.

Brent crude fell 4.8% on expectations that the U.S.-Iran agreement might reopen the Strait of Hormuz, where much of Asia gets its oil supply. But some analysts have urged caution, noting many issues remain uncertain. Negotiations with Iran are expected to continue over the next 60 days. Even after Hormuz reopens on Friday as expected, it will likely take months for the energy industry to get back to full speed.

Oil prices have declined recently on hopes for an extension of the ceasefire in the war, falling from the $100 plus levels they were at a few weeks ago. Before the war, oil was trading at about $70 a barrel.

Early Tuesday, benchmark U.S. crude was down $2.03 at $78.72 a barrel. Brent crude, the international standard, declined $1.82 to $81.35 a barrel.

In currency trading, the U.S. dollar inched down to 160.32 Japanese yen from 160.33 yen. The euro cost $1.1604, up from $1.1594.

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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama