Oil Prices Climb as Strait of Hormuz Uncertainty Persists

Oil prices continued to rise on Tuesday, adding to Monday's 5% gain. Brent crude oil gained 1.5% to $89.01 a barrel, while U.S. benchmark crude picked up 1.7% to $83.54 a barrel.

The surge in oil prices is due to uncertainty over when the Strait of Hormuz will reopen and allow for the global flow of crude to resume.

Shares in Asia were mixed on Tuesday, with South Korea's Kospi gaining 0.7% and the Hang Seng losing 1%. The Shanghai Composite index gave up 0.9%, while Taiwan's Taiex rose 0.4%.

The recent rally in U.S. markets has slowed, with reports showing earnings per share leaped 50% in the spring from a year earlier for companies in the S&P 500.