Stocks fell and oil hit a one-month high in Asian trading on Tuesday after President Donald Trump said the US was reinstating its blockade of Iranian shipping in the Gulf and would collect a 20 percent fee on cargo traversing the Strait of Hormuz.Following a volatile start to the session, MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.7 percent, led by declines for shares in Taiwan and South Korea, which at their lowest point exceeded 3 percent and 5 percent, respectively. Japan's Nikkei 225 fell 0.8 percent, while S&P 500 e-mini futures eased 0.3 percent.
Chinese stocks fell by less than the regional benchmark, with the CSI 300 percent lower after export and import data for June released on Tuesday beat economists' expectations.
Brent crude futures climbed 1.7 percent to $84.72 a barrel, after earlier hitting their highest since mid-June at $85.64.
Markets were also rattled by hawkish comments on Monday from Federal Reserve Governor Christopher Waller, who said the US central bank may need to raise interest rates "in the near term" if data shows inflation continuing well above the 2 percent target.
US CPI data is due for release later on Tuesday, followed by comments from Fed Chair Kevin Warsh, who will deliver the central bank's semi-annual monetary policy report to Congress.
