Oil Prices Steady Amid Strait of Hormuz Uncertainty
Oil prices held steady on Tuesday after surging more than 2% in the previous day, driven by uncertainty over when the Strait of Hormuz will reopen. The strait's closure has disrupted global crude flows.
Brent crude oil rose to $89.80 a barrel, while U.S. benchmark crude gained 2.6% to $84.28 a barrel. On Monday, Brent surged 5%, swinging between $72 and $102 as hopes for an agreement between the US and Iran ebbed and flowed.
Asian shares were mixed on Tuesday, with the Kospi in South Korea gaining 0.7% due to strong performances by Samsung Electronics and SK Hynix. However, markets in Hong Kong, Shanghai, and Taiwan saw losses of 1.1%, 0.8%, and 0.4%, respectively.
The recent rally in US stocks has slowed, with the S&P 500 slipping 0.1% from its record set on Friday. Intel fell 4.1% after announcing plans to sell $15 billion of stock, which would dilute shareholder ownership stakes.