Oil prices crept higher and bond yields rose, blunting paltry gains for stocks at the start of Asian trading on Tuesday as a ​U.S.-Iran truce expired and Tehran said it would shift to a "fully offensive" military posture.

Oil prices retained a substantial risk premium with Brent crude and WTI gaining in mid-morning European trade.

Both contracts gained more than 5% ​last week following attacks on tankers ⁠in the Hormuz strait and on a Saudi Aramco refinery.

U.S. stocks slipped further from their record heights after rising oil prices cranked up the pressure on inflation and financial markets