Oil held onto gains as fading hopes for a deal to reopen the Strait of Hormuz revived inflation concerns before key US data this week.Brent crude was steady near $87.70 a barrel on Tuesday after gaining about 10% over the previous four sessions. The advance in oil weighed on Treasuries, pushing the benchmark 10-year yield up six basis points to 4.71% in the previous session. There will be no cash trading in Treasuries during Asian hours Tuesday due to a Japan holiday.Early focus in Asia is on the yen after the currency weakened 1% on Monday, erasing about half of its recent intervention-led rally. The move is psychologically significant for traders, who remain on alert for further official support. The yen was slightly stronger in early Tuesday trading at about 159.17 per dollar.Elsewhere, Asian stocks and equity-index futures for US benchmarks edged lower. Australian government bonds fell ahead of an expected policy-rate hold by the central bank. Gold extended its advance for a third day, trading at about $4,400 an ounce.Oil’s rally over the past week, amid little progress toward easing tensions in the Middle East, has revived worries over price pressures after Friday’s softer US jobs data tempered expectations for an immediate Federal Reserve interest-rate hike. Attention now turns to Wednesday’s US consumer price index report, which may offer fresh signals on the path for interest rates.“The jobs report may have eased some anxieties about a Fed rate hike next month, but those concerns could hit new highs without cooler-than-expected inflation numbers this week,” said Chris Larkin at E*Trade from Morgan Stanley.While stocks had seen a burst of enthusiasm about a possible reopening of Hormuz, markets may be less likely to respond positively to vague reports about progress in talks, he said.President Donald Trump lashed out against Iran’s demands for compensation as part of talks to wind down the conflict, dimming hopes of a quick agreement that would reopen the strait. Trump had signaled on Sunday that he was prepared to let economic pressure on Iran build, rather than launch fresh strikes.The closely watched consumer price index is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.Fed Bank of Cleveland President Beth Hammack told Yahoo Finance it’s possible that a number of rate hikes may be needed to bring inflation down to the target.“I would say in general, one 25-basis-point move probably doesn’t do a whole lot for the economy,” Hammack said Monday in an interview with Yahoo Finance. “So it’s probably some number,” but “I don’t want to prejudge what that number is going to be.”