Global shares mostly rose in cautious trading Tuesday, as oil prices continued to surge ahead of a deadline that U.S. President Donald Trump set for Iran to reopen the Strait of Hormuz to all shipping traffic or risk its power plants and bridges being bombed.

Gold prices were muted on Tuesday ‌as nervy investors stayed on the sidelines ahead of a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz.

The US president has threatened to take out Iran "in one night" if it does not agree to open the Strait of Hormuz.

Front-month US oil futures are now trading at a premium to Brent — a rare reversal — reflecting the immediate scramble for supply.

Global stocks wavered on Tuesday, while oil prices edged above $110 per ​barrel as the looming deadline imposed by U.S. President Donald Trump for a deal with Iran threatened escalation in the Middle East ‌and spooked investors.

Airstrikes are pounding Tehran, and Iranian officials are urging young people to form human chains to protect power plants

President Donald Trump’s latest deadline for Iran to agree to a deal is just hours away, and investors are once again finding themselves forced to prepare for a range of possible outcomes.

Front-month crude prices rose and prices are likely to remain elevated and highly sensitive to developments in Middle East tensions and supply shifts.