Asian stocks fall, oil climbs as Hormuz reopening hopes fade
Asian stocks mostly fell and oil prices rose on Tuesday as hopes for reopening the Strait of Hormuz faded, with traders also expecting another Federal Reserve rate hike next month. The declines followed a negative day on Wall Street. Middle East tensions escalated after Donald Trump rejected Iran's seven-day truce offer and denied reports of sanctions relief, while Tehran officials expressed pessimism about a deal before US midterm elections. Both main crude contracts gained over 1 percent, with UK diesel prices hitting record highs. Investors are watching US inflation and jobs data this week for Fed signals, with markets pricing in a second consecutive rate hike. Gold held near $4,140, and fast-fashion firm Shein fell nearly 14 percent in Hong Kong after weak earnings.