Asian stocks fall, oil gains as Hormuz hopes fade

Asian stocks mostly fell and oil prices rose Tuesday as hopes faded for a reopening of the Strait of Hormuz, with traders also expecting another Federal Reserve interest rate hike next month. The declines followed a negative day on Wall Street. US President Donald Trump rejected Iran's offer of a seven-day truce over the weekend, and he denied a report that he offered sanctions relief and frozen funds to Iran. Tehran officials have privately expressed pessimism about a deal before November's US midterm elections, according to Bloomberg. The Strait of Hormuz is vital to global oil and gas deliveries, and the conflict has pushed UK diesel prices to a record high. Investors are awaiting US inflation and jobs data this week, with markets pricing in a second successive rate hike at the end of October.