Asian Markets Mixed as US Raises Pressure on Iran, Oil Prices Drop

Asian markets were mixed on Tuesday as investors watched for potential market-moving events later in the week. The US Treasury Secretary announced fresh sanctions against Iran, warning countries that continue to do business with the Islamic Republic would face retaliation.

The DAX in Germany gained 0.5% to 26,240.76 and the CAC 40 in Paris added 0.3% to 8,480.52. Britain's FTSE 100 edged 0.1% higher to 10,869.93. The future for the S&P 500 was up 0.3%, while that for the Dow Jones Industrial Average rose 0.2%.

SoftBank Group shares climbed 2.3% in Tokyo as traders resumed buying tech stocks and snapping up bargains. However, Taiwan's Taiex jumped 0.9%, while the Sensex in India lost 0.2%. The Hang Seng in Hong Kong was nearly unchanged at 25,511.10.

The price of oil fell back after US Treasury Secretary Scott Bessent announced fresh sanctions against Iran and warned countries that continue to do business with the Islamic Republic would face retaliation. Brent crude fell 2% to $88.74 per barrel, while U.S. benchmark crude oil shed 2.2% to $83.14 per barrel.

Stephen Innes of SPI Asset Management said the latest discussion about using Treasury General Account cash to help finance purchases of longer-dated bonds gave the market something to chew on Monday, but it's not a solution to the underlying problem. The Federal Reserve's new chairman, Kevin Warsh, is set to deliver a speech Friday at an annual economic symposium in Jackson Hole, Wyoming.