Both main crude contracts rose on Tuesday, extending the previous day’s jump of more than 2 per cent.
“The calibrated nature of the initial actions suggests neither side is actively seeking a return to sustained conflict, but stalled talks and the strategic importance of keeping the Strait open leave the situation vulnerable to further escalation,” said National Australia Bank’s Rodrigo Catril.
Trump will be meeting oil refining executives on Tuesday in a bid to tame soaring US domestic gas prices that have been a political headache for his Republican Party heading into November’s midterm elections.
Stocks mostly fell, with traders now awaiting the release of key data this month ahead of the Federal Reserve’s policy meeting on Sep 16.
Tokyo, Hong Kong, Seoul, Shanghai, Sydney, Singapore and Wellington were all down, though Taipei, Manila and Jakarta rose.
The jobs and consumer price index reports could play a major role in whether the bank hikes rates, with bets on an increase surging after boss Kevin Warsh’s hawkish speech on Friday.
Expectations for elevated inflation and rising borrowing costs pushed the yield on 10-year US Treasuries to their highest level since January 2025.
That has bled into Asia, with 10-year Japanese government bond yields touching a 30-year high on Monday.
In company news, fast-fashion giant Shein fell more than nine percent on its long-awaited Hong Kong trading debut, having raised US$1.7 billion in a high-profile initial public offering.
And shares in MediaTek soared nearly 10 per cent after US tech giant Nvidia announced it has injected US$3.5 billion into the Taiwanese chipmaker.
