Rob Verdonck

Oil held gains and Asian stocks were set to track Wall Street lower after the standoff between the US and Iran intensified, raising concerns that disruptions to energy supplies could accelerate inflation.

Oil held near its highest close since mid-June — weighing on stocks and bonds — as an escalation in Middle East hostilities outweighed attempts to bring about a pause in the war.

Asian equities are set for a mostly weaker open after a selloff in chipmakers dragged US stocks lower, even as oil extended losses.

Oil held onto a rally as hopes faded for a deal to reopen the Strait of Hormuz, while Asian stocks were set for a muted start ahead of key US inflation reports.

Oil held steady near US$82/bbl as Strait of Hormuz reopening prospects dimmed. Asian stocks set muted open ahead, with US inflation reports due to impact Fed decisions.

Half a million Australian homes, or about 4% of the total, have installed a residential battery under a government program that is transforming one of the world’s most volatile power markets.

Stocks in Asia were set to follow Wall Street lower as elevated oil prices stoke inflation concerns and hopes fade for a deal to end the Iran war.

West Texas Intermediate climbed 1% to US$85.30 a barrel early Tuesday after jumping almost 3% in the previous session.

UK Prime Minister Andy Burnham has halted plans to place Thames Water into administration because of concerns about the cost and legal risk, The Times reported, citing unidentified officials.

Stocks in Asia are set to follow Wall Street lower as renewed geopolitical tensions lifted oil prices, reviving inflation concerns and the prospect of further monetary tightening.