By Kimberley Kao and Megan Cheah
Oil extended gains Tuesday afternoon while Asian markets were mixed as investors eyed escalating U.S.-Iran tensions over the Strait of Hormuz.
The U.S. launched its third consecutive night of strikes on Iran following President Trump's announcements of a multiday wave of attacks and a fresh blockade on Iranian trade in the strait.
"We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving," Trump said in a Truth Social post.
He added that the U.S. would charge 20% of every cargo shipped as compensation for guaranteeing safe passage through the Strait of Hormuz.
