Oil prices climbed on Tuesday as stalled U.S.-Iran peace negotiations and uncertainty over reopening the Strait of Hormuz renewed concerns about global energy supplies. Asian stock markets, meanwhile, traded cautiously as investors assessed geopolitical tensions and the outlook for inflation and interest rates. The tougher rhetoric could complicate negotiations aimed at reopening the Strait of Hormuz, a critical route for global oil shipments. IG market analyst Tony Sycamore described the situation as a standoff, suggesting oil prices could remain within a $75-$95 range while markets wait for a breakthrough. Gold benefited from continued market uncertainty, with spot prices rising 0.5% to $4,409.81 an ounce as geopolitical tensions, higher oil prices and inflation concerns supported demand for safe-haven assets.