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Japanese Shares Close Higher in Volatile Trade Amid Higher Oil Prices as US-Iran Tensions Escalate

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Japanese shares closed higher on Tuesday following a volatile session for semiconductor stocks and after ​oil hit a one-month high on the US announcement to reinstate its blockade of Iranian ships transiting the Strait of Hormuz.

Benchmark Nikkei 225 closed down 500.77 points, or 0.74%, at 67,743.50.

Oil prices advanced for a second day as the US-Iran standoff escalated, with President Donald Trump announcing a 20% fee on cargo movement through the Strait of Hormuz.

The geopolitical crisis and Federal Reserve Governor Christopher Waller's comments on the need to raise interest rates in the near term renewed hopes of interest rate hikes

On the corporate side, HitoMile's (TYO:7686) alcoholic beverage wholesaler subsidiary, Kakuyasu's, total sales fell 1.5% in June from a year earlier, according to a Tuesday filing on the Tokyo Stock Exchange.

Also, Japan's Ministry of Internal Affairs and Communications plans to unveil its communication infrastructure strategy on Tuesday to roll out autonomous driving mobility services by fiscal 2030.

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Market Chatter: CTBC Bank Opens NT$100 Million Asset Management Branch

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Sandfire Resources Possesses More Attractive Development Opportunities Besides Montana Project, Jefferies Says

Sandfire Resources' (ASX:SFR) more attractive development opportunities besides the Black Butte project in Montana, as well as its modest scale, increase the likelihood of divestment, Jefferies said in a Monday note.The company modeled around 25,000 tonnes per annum of copper over a 12-year life-of-mine and a net present value of AU$91 million for Black Butte. The Lowry reserve increase of 4.7 million tonnes adds around four-years to the Black Butte life-of-mine.Jefferies reduced its capital expenditure forecast in-line with Sandfire's expectations to $475 million. Development of the Lowry deposit remains contingent on regulatory approvals with the company guiding to a six-year process commencing coincident with Johnny Lee deposit access decline development.Sandfire seems to hold an internal preference for the Kalkaroo project, with its increased scale and expedited development timeline, Jefferies noted.The investment firm retained its buy rating on Sandfire Resources with a price target of AU$24.Sandfire Resources' shares slipped 1% in recent Tuesday trade.

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