Today's Edition
(AFP)
Oil prices rose on Tuesday while equities edged up tentatively as investors assessed Donald Trump's latest deadline for Iran to reopen the strategic Strait of Hormuz.
The US president warned Tehran that its civilian infrastructure would be destroyed if it did not let ships through the waterway, through which a fifth of global crude and gas passes.
The remarks came as he and Iran said a proposal touted by international mediators for a 45-day ceasefire was not yet ready.
Trump told a news conference that "the entire country" of Iran "could be taken out in one night and that night might be tomorrow night", if his ultimatum to reopen the Strait by 0000 GMT Wednesday was not met.
"I mean complete demolition by 12 o'clock, and it'll happen over a period of four hours -- if we wanted to," Trump said.
Both main oil contracts rose Tuesday, with West Texas Intermediate around $115 -- its highest in a month -- and Brent sitting above $111.
Equity markets fluctuated, with Tokyo flat, while Shanghai, Sydney, Seoul, Wellington, Manila rose along with London, Paris and Frankfurt.
Singapore, Mumbai and Jakarta fell.
That followed a positive start to the week on Wall Street.
The hit to fuel supplies from the Middle East has forced governments around the world to unveil economic support measures amid fears of another spike in inflation.
US figures last week showed growth in the country's services activity cooled last month as companies monitored the higher energy prices and braced for supply chain disruptions.
