Markets Shaken by Iran-US Tensions Over Strait of Hormuz

Financial markets were on edge overnight as tensions between Iran and the US intensified over the Strait of Hormuz. Iranian officials said they would stand by a proposal to reopen the strategic waterway, despite being rejected by US President Donald Trump. The move has driven up oil prices, with Brent crude futures rising 0.8% to $105.18 per barrel.

The Reserve Bank of Australia is expected to raise its target cash rate for the second time this month, with a 25 basis point increase to 4.6% forecasted today. Meanwhile, New Zealand's Treasury will release its pre-election economic and fiscal update, which is likely to reaffirm the government's path to an operating surplus.

Nvidia bucked the trend among chipmakers by announcing a $150 billion share buyback and unveiling a new artificial intelligence security system. The move sent shares up 2.1% in late trading, despite overall market weakness.