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Oil prices stayed elevated Tuesday as the Iran conflict spread across the Gulf, disrupting shipments through the Strait of Hormuz, the narrow waterway that carries about one-fifth of the world’s oil.
After touching $82 per barrel in early trading Monday and pulling back to around $76, Brent crude rose 2.4% on Tuesday to $79.6 after Iran’s Revolutionary Guards said forces would "burn any ship" attempting to pass through the Strait of Hormuz, adding to energy supply concerns. U.S. benchmark WTI crude also climbed about 2% to $72.6 per barrel.
Natural gas prices, which had surged as much as 50% in European markets on Monday after Qatar’s state energy firm halted LNG production due to Iranian attacks, eased 2.4% to €43.5 per megawatt hour.
Equity markets across Asia extended losses Tuesday. Tokyo’s Nikkei 225 fell 3.2%, Hong Kong’s Hang Seng Index dropped 1.1%, and Shanghai’s Composite slipped 1.3%. South Korea’s Kospi, one of this year’s top-performing major indexes with gains of more than 40%, slid 6.4%.
Defense and energy stocks extended their gains, supported by rising oil prices and expectations of higher military spending. Losses were concentrated in banking and tourism shares, as investors weighed the impact of higher energy costs, potential disruptions to travel, and broader economic uncertainty linked to the conflict.
European and U.S. futures also traded lower, with both the Stoxx 600 and the S&P 500 down 0.8%, after the indexes closed Monday with a 1.6% loss and little change, respectively.
Safe-haven demand remained moderate Tuesday, with gold holding steady around $5,320, while silver fell 3% to $86.6 on profit-taking.
Other precious metals also declined, with platinum down 4% to $2,210 and palladium easing 1.4% to $1,730.
Cryptocurrencies edged higher, with bitcoin rising about 2.4% to $67,870. Ethereum gained 2.2% to $1,995, while XRP added 0.7% to $1.36. Total cryptocurrency market capitalization increased 2.2%.
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