Asian stock markets were mixed early Wednesday, as rising oil prices and trade tensions continued to set the tone for trading

Japan’s Nikkei NIK, -0.41%^[1]   fell 0.5%, with oil consumers lagging on crude’s overnight pop following a U.S. official’s comments warning the world ^[2]to end Iranian oil imports or face sanctions. Major shipper Mitsui OSK 9104, -3.33%^[3]   was down 3.4% while airline operator ANA 9202, -1.55%^[4]   fell 1.6%. Conversely, energy stocks were up with oil explorer Japan Petroleum Exploration 1662, +1.92%^[5]   rising 1.9% and distributor JXTG 5020, +1.99%^[6]   climbing 2%.

Chinese stocks opened little changed, a day after the Shanghai Composite SHCOMP, -0.01%^[7]   hit fresh two-year lows and entered bear-market territory to join Shenzhen index 399106, +0.03%^[8]   at least 20% below their most recent highs.

Hong Kong stocks started slightly higher, as the Hang Seng HSI, -0.06%^[9]   looked to end its slump after closing down seven of the past nine days to hit six-month lows. Insurer AIA 1299, +0.37%^[10]   was 0.4% higher, while energy stocks jumped, with CNOOC 0883, +5.88%^[11]   5.7% higher and PetroChina 0857, +2.11%^[12]   up 1.9%.

China’s largest steel-trading platform...