Oil prices remained largely unchanged Tuesday after rising 5% in the previous session, as uncertainty continued over when the Strait of Hormuz might reopen and allow crude shipments to resume normally.
US stock futures edged higher in early trading.
Brent crude was unchanged at $87.72 a barrel, while US benchmark West Texas Intermediate also remained flat at $82.13 a barrel.
Brent prices jumped 5% Monday after fluctuating sharply in recent weeks amid uncertainty over whether the United States and Iran could reach an agreement that would allow oil tankers to leave the Middle East freely and supply global markets.
Asian stock markets were mixed Tuesday after US shares moved lower from their recent record highs.
South Korea's Kospi rose 1.5% to 6,391.71, helped by a 4.6% gain in Samsung Electronics shares. Chipmaker SK Hynix also advanced 1.3%.
Tokyo markets remained closed for a public holiday.
Hong Kong's Hang Seng Index fell 0.6% to 25,773.56, while the Shanghai Composite slipped 0.1% to 3,964.79.
Australia's S&P/ASX 200 gained 0.5% to 9,277 after the Reserve Bank of Australia kept its benchmark interest rate unchanged at 4.35%.
Taiwan's Taiex rose 0.4%, while India's Sensex declined 0.4%.
On Wall Street Monday, the S&P 500 fell 0.1% from Friday's record high. The Dow Jones Industrial Average also lost 0.1%, while the Nasdaq composite declined 0.3%.
The strong US stock market rally has recently slowed despite robust corporate earnings. According to FactSet, earnings per share for S&P 500 companies are expected to have risen about 50% in the spring from a year earlier. If confirmed, it would mark the strongest growth in five years.
Berkshire Hathaway rose 1.5% after reporting stronger-than-expected quarterly profit. The company, which is known for investing in stocks it considers attractively priced, also said it had invested part of its large cash reserves in stocks under new CEO Greg Abel.
MarineMax surged 46.1% after the retailer and marina operator agreed to be acquired for about $1.5 billion in cash by a Blackstone portfolio company.
Varex Imaging jumped 48.8% after Teledyne Technologies announced plans to acquire the X-ray imaging components maker for $18.90 per share in cash.
Intel shares, however, fell 4.1% after the company said it could sell up to $15 billion worth of stock. The move could reduce existing shareholders' ownership stakes, while the company said the proceeds would likely be used to invest in artificial intelligence technology.
Investors are now focusing on Wednesday's US inflation report for July. Economists expect annual inflation to ease to 3.4% from 3.5% in June, which could reduce pressure on the Federal Reserve to raise interest rates.
Higher interest rates can help control inflation but may also slow economic growth by increasing borrowing costs for households and businesses. They can also put pressure on stock and other investment prices.
In currency trading early Tuesday, the US dollar slipped to 159.19 Japanese yen from 159.30 yen. The dollar has continued to strengthen against the yen despite recent intervention by Japan and the US aimed at supporting the Japanese currency.
The euro was unchanged at $1.1544.
Gold, which is often considered a safe-haven asset during periods of uncertainty, rose 1.2% to $4,472.90 an ounce.