Oil prices dip, Asian stocks rise on lingering Iran peace hopes

Oil prices fell on Tuesday while stocks rose on lingering hopes for a deal to end the US-Iran war and reopen the Strait of Hormuz, even as Tehran said it had not decided whether to attend peace talks.



With the end of a two-week ceasefire approaching, the White House said Vice President JD Vance was ready to return to Pakistan for fresh negotiations to end a conflict that has sent crude soaring and revived inflation fears.



However, the Islamic Republic's position remained uncertain as it accused Washington of violating their fragile truce through its blockade of the country's ports and seizure of a ship.



Still, investors remained largely upbeat that the two sides will eventually come to a deal that will reopen the strategic strait.



US benchmark crude West Texas Intermediate and Brent both fell more than 1 per cent on Tuesday.



Seoul led equity market gains thanks to a resumption of the tech rally that had pushed the Kospi to multiple records before the war, climbing 2.7 per cent to hit a fresh record high.



Tokyo and Taipei were also well up, with Hong Kong, Shanghai, Singapore, Wellington, Mumbai and Bangkok also advancing.