Global Market Today: Asian shares trade mixed; Brent climbs past $85

Brent crude surged past $85, jumping up to 2.8% on the day after Monday's 9.6% spike, the biggest single-session gain since May 2020, as the US reinstated a blockade of Iranian ships at the Strait of Hormuz and demanded a 20% transit fee. US 2-year Treasury yields rose to 4.29% (highest since February 2025) and the 10-year yield touched 4.63%, with money markets pricing around 50% odds of a Fed rate hike in July after Governor Waller signalled further tightening may be needed. Asian shares traded mixed and US equity futures slipped, weighed also by an AI-driven selloff that pushed Kospi volatility and dragged SK Hynix ADRs down 9.3%; investors are now eyeing Tuesday's US CPI print (consensus 3.8%) and Fed Chair Warsh's congressional testimony.