NEW YORK — Global stocks edged lower on Tuesday as oil prices held near one-week highs, with stalled U.S.-Iran negotiations over the reopening of the Strait of Hormuz keeping investors focused on the risk of prolonged energy-market disruption.
Brent crude was last up around 0.1% at $87.81 a barrel, after rising more than 5% on Monday. U.S. West Texas Intermediate crude was little changed at about $82.20 a barrel, also retaining gains of more than 5% from the previous session.
The rise in oil followed a further deterioration in prospects for a U.S.-Iran agreement that could allow shipping through the strategically important waterway. President Donald Trump has demanded compensation from Iran for war-related damages, while Tehran has tied the reopening of the strait to U.S. concessions, including an end to sanctions and military threats.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, while South Korea's Kospi gained 0.3%. U.S. stock futures were modestly higher after Wall Street indexes closed lower on Monday.
The Dow Jones Industrial Average fell 0.11% on Monday, the S&P 500 slipped 0.06% and the Nasdaq Composite lost 0.32%. The declines came after U.S. stocks reached record highs on Friday, helped by a weaker-than-expected jobs report that reduced expectations for Federal Reserve interest-rate increases.
Investors are also awaiting U.S. inflation data due on Wednesday. Economists polled by Reuters expect consumer prices to have risen 3.4% in July from a year earlier, compared with 3.5% in June. A sustained rise in oil prices could add to inflation pressures and complicate the outlook for monetary policy.
Energy-market disruption remained a concern beyond the Strait of Hormuz. Saudi Aramco delayed the reopening of its Jazan refinery after reported attacks by Yemen's Iran-aligned Houthi group, while shipping risks around the Red Sea added to concerns over regional energy flows.
Oil exports through the Strait of Hormuz fell to about 3 million barrels per day in the week ending Aug. 7, from 4.4 million barrels per day the previous week, according to Barclays estimates cited by Reuters.
Markets were expected to remain focused on developments in the U.S.-Iran negotiations and Wednesday's U.S. inflation report for fresh signals on the direction of oil prices, interest rates and global equities.
