Asian stock markets opened mixed on Wednesday, with South Korea's Kospi rising 1.92% and Japan's Nikkei 225 gaining 0.32%. Australia's S&P/ASX 200 fell 0.71%, while the Hang Seng Index and Shanghai Composite were unchanged.
Investors also monitored US equity futures ahead of the release of September's consumer inflation report. S&P 500 futures slipped 0.03%, while Nasdaq-100 futures declined 0.1% on Tuesday night. The underlying indices had ended lower for a second consecutive session.
Oil Surge
Crude prices moved higher as fresh attacks on tankers in the Strait of Hormuz threatened to disrupt the restoration of oil supplies from the Persian Gulf.
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Brent crude rose above $106 a barrel after losing 0.9% in the previous session, while West Texas Intermediate advanced towards $95.
The disruption comes as the US said it had helped facilitate the movement of more than 19 million barrels of crude through the strategic waterway. However, the latest attacks have raised questions about whether shipments can return to levels seen before the war.
Brent has gained more than 70% this year as the conflict between the US and Iran has unsettled energy markets and threatened supplies from the Gulf.
Supply Risks
Tensions have also intensified following attacks by Yemen's Houthi group on Riyadh's main airport last week. Saudi-backed forces have since launched an operation to retake territory held by the rebels in Yemen.
Meanwhile, attacks on vessels transiting the Strait of Hormuz have prompted additional supertankers to turn away from the Persian Gulf, increasing uncertainty over the volume of oil that can reach international markets.
The latest developments have left traders weighing the risk of further supply interruptions against efforts to restore crude shipments through the region.
US Inflation
US inflation data remains a key focus for investors, with September's consumer price report expected to provide further insight into the direction of monetary policy.
The figures come as equity markets face pressure from geopolitical uncertainty and elevated energy costs. Any indication that higher oil prices are feeding into broader inflation could influence expectations for the Federal Reserve's next policy moves.
Investors will continue to monitor both the inflation report and developments around the Strait of Hormuz for direction across global markets.
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