Brent crude set for record monthly gain; Asia shares falter as Iran war rages

Oil prices on Tuesday were set for a record monthly rise while Asian shares were headed for their steepest fall since 2022, ​capping a tumultuous month as the war in the Middle East stoked fears of higher inflation and slower growth. Bonds were headed for their ‌largest decline in months, owing to the hawkish sea change in the global outlook for interest rates, while the dollar recorded its strongest gain in eight months. A month into the war, investors continue to be whipsawed by a barrage of headlines as tensions and attacks between the U.S., Israel and Iran escalate. “It appears markets have gone from just mechanically trading headlines … into a little ​bit more of a fear mode, taking risk off the table,” said Vishnu Varathan, Mizuho’s head of macro research for Asia ex-Japan.