Oil Prices Hold Steady Amid Strait of Hormuz Uncertainty

Oil prices held steady after jumping 5% on Monday due to uncertainty over when the Strait of Hormuz could reopen and allow global crude flow. U.S. futures edged lower, while Brent crude oil gained 1.5% to $89.01 a barrel and U.S. benchmark crude picked up 1.7% to $83.54 a barrel.

In Asia, shares were mixed with South Korea's Kospi gaining 0.7% as shares in market heavyweight Samsung Electronics jumped 4.1%. Memory chipmaker SK Hynix advanced 0.4%, but the wild swings of recent weeks have abated.

Markets are awaiting Wednesday's update on inflation, which economists expect to slow to 3.4% from 3.5% in June. A lower rate would relieve pressure on the Federal Reserve to raise interest rates, which could help keep a lid on inflation but also slow the economy by making borrowing more expensive.

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