Asian stocks made broad gains on Thursday, extending an overnight global rally, while oil prices steadied at levels not seen since before Russia's special military operation in Ukraine.

Japan's Nikkei share average jumped 1.96 percent in early trading. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.33 percent, while Australia's S&P/ASX 200 gained 0.72 percent.

All three major Wall Street indices made significant gains overnight.

Markets are awaiting a speech by Federal Reserve Chairman Jerome Powell later today for signs of any let-up in the central bank's hawkish approach to tackling inflation.

"I think Powell will signal that the decision for September hasn't been made yet, but the Fed will remain data dependent," NatWest Markets analyst Jan Nevruzi wrote in a note.

CME Group's Fedwatch tool currently shows that expectations for a third successive 75-basis-point interest rate hike are at about 78 percent, up from 69 percent a week ago.

The yen was hovering at around 144 per dollar after weakening almost as far as 145 overnight. The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 109.76.

Oil prices recovered slightly from an overnight plunge but remained below US$90 a barrel for the first time since early February. US crude ticked up 0.81 percent to US$82.60 a barrel, while Brent crude rose 0.65 to US$88.57 per barrel.

Spot gold prices fell 0.1 percent to US$1,716.04 an ounce, and leading cryptocurrency bitcoin was last down 0.95 percent at US $19,199.00.