Asian stocks faced fresh pressure Tuesday as the Iran war sent oil prices surging, stoking inflation fears that weighed on bonds but left US stocks little changed. The dollar and gold rallied as investors sought havens. Equity index futures for Japan and Australia fell, while those for Hong Kong climbed. The S&P 500 ended flat Monday after paring initial declines, while the tech-heavy Nasdaq 100 managed a 0.1% advance.

Energy and defense shares gained, several tech firms with solid balance sheets rallied, and airlines sank. Gold topped $5,300 as the near halt to traffic through the Strait of Hormuz and disruption at a big refinery in Saudi Arabia underscored the threat to oil supplies. West Texas Intermediate crude jumped more than 6% on Monday, while European natural gas prices soared as Qatar shut the world’s largest LNG export plant.

Concerns that rising energy costs will send inflation higher and curtail Federal Reserve easing weighed on bonds. The yield on 10-year Treasuries climbed 10 basis points to 4.03%. Traders are now fully pricing in a first US rate cut for September, with bets on a third reduction in 2026 almost evaporating. The dollar rose 0.7% against major currencies as the greenback climbed against all G-10 currencies Monday.