Global markets mixed as oil prices retreat after fresh Iran tensions

Hong Kong’s Hang Seng dropped 0.8 to 25,898.61, while Taiwan’s Taiex rose 0.2.Australia’s SP/ASX 200 slipped 0.2 to 8,680.50 after the central bank raised its benchmark interest rate to 4.35, citing the sharp rise in fuel and commodity prices due to conflict in the Middle East, which added to already elevated inflation pressures. The rate hike marked the Reserve Bank of Australia’s third quarter-point increase this year.The bank said Australia’s annual inflation through March stood at 4.6. Interest rates are adjusted to guide inflation toward the bank’s 2 to 3 target range.India’s Sensex declined 0.4.The critical oil and gas transport route remains largely closed, despite repeated U.S. demands for Iran to reopen the strait and the imposition of a U.S. naval blockade on Iranian ports. U.S. President Donald Trump’s “Project Freedom” initiative, under which the United States seeks to guide stranded ships through the Strait of Hormuz, began on Monday.Brent crude, the international benchmark, fell 2.30 to 112.14 per barrel after surging above 114 on Monday, when it gained nearly 6. Prior to the war in late February, it had been trading near 70.U.S. benchmark crude dropped 3.08 to 103.34 per barrel.On Wall Street, the SP 500 slipped 0.4 to 7,200.75, retreating from its latest record highs. The Dow Jones Industrial Average fell 1.1 to 48,941.90, while the Nasdaq composite dipped 0.2 to 25,067.80.GameStop shares plunged 10.1 after the company said it wanted to acquire eBay, which has a market value roughly four times that of GameStop.In currency trading, the U.S. dollar rose to 157.46 Japanese yen from 157.25 yen. The euro edged down to 1.1686 from 1.1689.