Asia markets choppy as threat of Trump Hormuz levy spooks traders

Stocks ​swung between gains and losses and oil hit a one-month high in early Asian trading on ‌Tuesday after President Donald Trump said the U.S. was reinstating its blockade of Iranian shipping in the Gulf and would collect a 20% fee on cargo traversing the Strait of Hormuz. In a volatile start to the session, MSCI’s broadest index of Asia-Pacific shares outside Japan ​rose 0.4%, led by a 2.2% gain for Korean shares. Japan’s Nikkei 225 was up 0.2%, while ​S&P 500 e-mini futures nudged 0.1% lower. Brent crude futures climbed 2.6% to $85.50 a barrel, their ⁠highest since mid-June, as trading resumed in Asia. Markets were also rattled by hawkish comments on Monday from Federal Reserve ​Governor Christopher Waller, who said the U.S. central bank may need to raise interest rates “in the near term” if ​coming data show inflation continuing well above the 2% target.