Asian markets mixed as oil rises on Iran sanctions, Nvidia earnings awaited

Asian stocks fluctuated Tuesday while oil prices edged higher as investors weighed a US plan for the "economic asphyxiation" of Iran, with tech firms struggling ahead of Nvidia's earnings. Treasury Secretary Scott Bessent announced the campaign, threatening countries that trade with Tehran. Oil contracts ticked up in early Asian trade after falling over two percent Monday, as Bessent's comments suggested the US would hold off military action. The Treasury targeted Iran's digital assets, technology, gold, aviation and shipping sectors, while President Donald Trump called world leaders to halt interactions with Tehran. Tech-heavy markets like Seoul sank over two percent as chipmakers retreated, while Tokyo and Sydney gained. Investors await Nvidia's results as a bellwether for the AI boom, with analysts warning even strong figures may not justify high expectations. The Fed's Kevin Warsh is due to speak at Jackson Hole.