HONG KONG -- Asian markets largely pulled back Friday, with South Korea's Kospi surrendering its advances after touching a record high, amid investor focus on the Iran conflict and U.S. President Donald Trump's meetings in Beijing with Chinese President Xi Jinping.

U.S. futures slipped slightly following Wall Street's latest record closes.

Japan's Nikkei 225 dropped 1.2% to 61,880.04, reversing earlier gains. South Korea's Kospi tumbled 3.2% to 7,727.34 after briefly surpassing 8,000 for the first time and peaking at 8,046.78, fueled partly by enthusiasm for artificial intelligence developments.

Hong Kong's Hang Seng fell 0.9% to 26,145.66, while Shanghai's Composite index nudged up 0.1% to 4,183.05.

Australia's S&P/ASX 200 eased 0.1% to 8,629.70.

Taiwan's Taiex declined 0.5%, and India's Sensex edged higher by 0.1%.

Trump is concluding his China trip Friday after discussions with Xi covering U.S.-China trade, economic ties and Taiwan. Market watchers await news on potential agreements involving U.S. soybeans, beef and aircraft.

Despite positive signals on bilateral relations, analysts urge caution. "Headline agreements warrant healthy skepticism," noted China economists Leahy Fahy and Julian Evans-Pritchard of Capital Economics in a Friday report.

They pointed out that many initiatives promised during Trump's 2017 China visit failed to materialize, as U.S.-China tensions surged in subsequent years.

Trump mentioned in an interview that China might purchase U.S. oil, over a year after halting most crude imports due to his administration's steep tariffs.

Oil prices rose early Friday after U.S.-Iran negotiations to end the war deadlocked, alongside reports of a ship seizure off the UAE and an attack on a vessel near Oman.

Brent crude, the global benchmark, advanced 1.3% to $107.06 per barrel - up sharply from around $70 before the Iran war began in late February.

U.S. benchmark crude climbed 1.4% to $102.56 per barrel.

Global energy supplies stay tight with the Strait of Hormuz - vital for oil and gas shipments - mostly shut and U.S. naval restrictions on Iranian ports in place since last month. The White House announced Thursday post-Trump-Xi talks that both nations affirm the strait must stay open.

Wall Street rallied Thursday, with the S&P 500 up 0.8% to 7,501.24 and securing a new record for the second straight day.

The Dow Jones Industrial Average rose over 0.7% to 50,063.46, its first close above 50,000 since the Iran war erupted. The Nasdaq Composite gained 0.9% to 26,635.22.

Tech leader Cisco Systems surged 13.4% on stronger-than-expected earnings and news of trimming under 4,000 positions. Nvidia added 4.4% amid optimism for H200 chip sales to Chinese buyers, as CEO Jensen Huang joined Trump in Beijing.

In currency moves, the dollar strengthened to 158.50 yen from 158.37. The euro fell to $1.1651 from $1.1669.

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