Oil prices moved higher as fighting in the Middle East intensified and uncertainty grew over the security of supplies through the Strait of Hormuz.
Brent crude climbed to just over US$84 a barrel after surging nearly 10% on Monday, while US benchmark crude rose 1.4% to US$79.20.
Prices remain below their wartime peak of more than US$126 a barrel, but concerns over future supply have deepened as both the US and Iran claim control of the Strait of Hormuz.
The US launched further strikes on Iran overnight after President Donald Trump said Washington was reinstating a blockade on Iranian shipping through the strait.
Fighting in the region has disrupted tanker traffic through the key waterway, which is used to transport crude from the Persian Gulf to global markets.
Asian equity markets were mostly lower, with technology and artificial intelligence-related shares among the weakest performers.
Japan’s Nikkei 225 fell 1%, while South Korea’s Kospi dropped 3.2%.
China’s Shanghai Composite declined 0.8%, despite official data showing exports rose 27% year-on-year in June, supported by strong demand for computer chips and other technology products.
Hong Kong’s Hang Seng edged 0.1% higher, while Australia’s S&P/ASX 200 fell 0.5%.
Wall Street also ended lower on Monday. The S&P 500 lost 0.8%, the Dow Jones Industrial Average fell 0.3%, and the Nasdaq Composite dropped 1.6%.
