Asian stocks were set to rise Monday while oil edged higher on renewed concern that escalating US-Iran tensions may disrupt crude supplies and stoke inflation after weekend attacks. Equity-index futures for Japan and South Korea pointed to gains at the open, while those for Australia were steady. Contracts for US stocks were little changed after the S&P 500 fell 0.4% and the tech-heavy Nasdaq 100 advanced 0.2% on Friday.

Brent crude climbed 0.5% after Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as several US-linked vessels, in retaliation for American attacks on Iranian tankers. The Islamic Revolutionary Guard Corps Navy gave no further details on the strikes, and its Telegram post late Saturday did not specify whether the vessels were hit. The IRGC later said it also attacked a US naval drone and an American unmanned surface vessel attempting to enter the strait.

Mohsen Rezaee, Iran’s top security official, said a new restricted zone would be declared outside the strait in the coming days. In Asia, the yen remained in focus and fluctuated around 156 per dollar after last week’s 2.4% gain, spurred by an unwind in carry trades amid growing expectations for successive Bank of Japan rate hikes. Elsewhere, China’s Ministry of Finance will inject 300 billion yuan ($44.7 billion) in special bonds into its largest banks and insurers, aimed at easing margin pressure, expanding lending capacity and bolstering provisions against potential bad loans.