Asian markets looked poised for gains on Thursday, tracking Wall Street’s advance as oil prices touched multi-year highs overnight.

U.S. stock indexes gained on Wednesday, with energy shares advancing on the move higher in oil prices. The climb in oil prices came on the back of President Donald Trump’s Tuesday announcement that the U.S. would withdraw from the Iran nuclear deal.

The Dow Jones industrial average rose 0.75 percent, or 182.33 points, to 24,542.54, the S&P 500 gained 0.97 percent to close at 2,697.79 and the Nasdaq composite advanced 1 percent to 7,339.91.

The rally in stocks came as oil prices advanced to multi-year highs as investors digested the impact renewed U.S. sanctions on Iran would have on oil supplies. Washington will probably renew sanctions on the OPEC member after 180 days, unless some other deal is reached, Reuters reported.

U.S. crude futures added 3 percent to settle at $71.14 per barrel and Brent crude futures advanced 3.2 percent to settle at $77.21.

Also of note, the yield on the 10-year U.S. Treasury note crossed the 3 percent level on Wednesday.

Over in Asia, futures tipped a higher open for regional markets following Wall Street’s gains, with Nikkei futures traded in Chicago higher by 0.41 percent at 22,500 compared to the index’s last close.

Australian SPI futures were last up 0.35 percent.

Elsewhere, markets in Indonesia will be closed on Thursday.

Malaysia’s stock exchange will also be shut on Thursday and Friday following the country’s general election.

The country’s former leader, Mahathir Mohamad, led a coalition of opposition parties to an unexpected victory at the general election in the early hours of Thursday local time, upsetting the ruling Barisan Nasional coalition.

On the corporate front, earnings are expected from Kakao, Rakuten, KDDI and Suzuki Motor.

Hong Kong’s CK Hutchison Holdings will also hold its annual general meeting on Thursday.

Here’s the economic calendar for Thursday (all times in HK/SIN):

• 9:30 a.m.: China April inflation
• 10:00 a.m.: Philippines first-quarter GDP

Malaysia’s central bank will also announce its interest rate decision later during the day, with economists polled by Reuters expecting it to hold its policy rate steady.