Global stocks rose on Tuesday while oil prices dipped as investors weighed the United States’ intensified economic pressure on Iran and awaited quarterly earnings from chipmaker Nvidia.

US Treasury Secretary, Scott Bessent on Monday announced what he described as an “economic D-Day” against Tehran, warning that countries trading with Iran could also face consequences as Washington seeks to cut off the country’s access to the global financial system.

Bessent said the United States would target Iran’s digital assets, technology, gold, aviation and shipping sectors, while President Donald Trump was contacting world leaders to urge them to halt interactions with Tehran.

“Around the globe, our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” Bessent told reporters.

The announcement came as efforts to reopen the Strait of Hormuz stalled, with neither Iran nor the United States showing signs of backing down. The uncertainty had pushed oil prices higher for much of August, fuelling concerns about persistent inflation and putting pressure on bond markets.

Oil prices, however, fell more than two per cent on Monday after Bessent’s remarks appeared to suggest Washington could favour economic measures over immediate military escalation. They edged higher in early Asian trading before retreating again.

Stephen Innes, global strategist at Quintex Intel, said the increasingly aggressive economic campaign was aimed at squeezing Tehran’s access to global finance while avoiding an immediate escalation in military tensions.

Meanwhile, Asian equities largely shrugged off losses on Wall Street, with markets in Seoul, Tokyo, Hong Kong, Shanghai, Taipei, Singapore, Sydney and Wellington closing higher. European stocks also edged up, while Frankfurt gained after data showed German economic growth was stronger than initially estimated in the second quarter.

Investors are now turning their attention to Nvidia’s earnings, with the chipmaker regarded as a key indicator of the strength of the artificial intelligence boom.

Markets have become increasingly cautious over whether the huge investments in artificial intelligence will translate into earnings strong enough to justify elevated valuations.

“Investors are not simply asking whether Nvidia can deliver another strong quarter,” said Charu Chanana of Saxo Markets. “They are asking whether it can deliver enough upside to justify already-high expectations, especially with bond yields elevated.”

Other technology companies, including Salesforce and Marvell, are also due to report earnings this week.

Investors are additionally watching the annual gathering of central bankers, economists and finance officials in Jackson Hole, Wyoming, where Federal Reserve Chairman Kevin Warsh is expected to speak. His remarks could provide clues about the direction of US monetary policy as inflation remains elevated.

The market is also monitoring developments in US-Canada trade relations after Trump threatened to double tariffs on vehicles imported from Canada. The threat followed the failure of both countries to reach an agreement to avert new 50 per cent US tariffs on selected Canadian goods.

As of around 0715 GMT, Brent crude was down 0.8 per cent at $91.47 a barrel, while West Texas Intermediate fell 0.7 per cent to $84.39.

The Nikkei 225 rose 0.5 per cent to 65,856.43, Hong Kong’s Hang Seng gained 0.1 per cent to 25,532.22, while Shanghai’s Composite Index advanced 0.2 per cent to 3,889.44.

In London, the FTSE 100 edged up 0.1 per cent to 10,869.17.