Asian shares are mixed and oil prices rise as escalating Iran-Israel crisis hits Wall Street

HONG KONG — Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street.

U.S. benchmark crude oil was up 24 cents at $73.51 per barrel. Brent crude, the international standard, was up 28 cents at $76.71 per barrel. Crude prices rose more than 4% on Tuesday after U.S. President Donald Trump left a Group of Seven summit in Canada early and warned that people in Iran’s capital should evacuate immediately. Within about eight hours, Trump went from suggesting a nuclear deal with Iran remained ”achievable” to urging Tehran’s 9.5 million residents to flee for their lives.

The fighting has driven prices for crude oil and gasoline higher because Iran is a major oil exporter and it sits on the narrow Strait of Hormuz, through which much of the world’s crude passes. Past conflicts in the area have caused spikes in oil prices, though they’ve historically proven brief after showing that they did not disrupt the flow of oil.

Japan reported that its exports fell in May as the auto industry was hit by Trump’s higher tariffs, with exports to the U.S. falling more than 11%. But Tokyo’s Nikkei 225 jumped 0.7% to 38,803.10.

Hong Kong’s Hang Seng dropped 1.2% to 23,695.62 while the Shanghai Composite Index retreated 0.2% to 3,380.47.

The Kospi in Seoul gained 0.6% to 2,967.89 while Australia’s S&P/ASX 200 shed 0.2% to 8,528.50.

On Tuesday, U.S. stocks slumped under the weight of higher oil prices and weaker than expected retail sales in May.

The S&P 500 fell 0.8% to 5,982.72 and the Dow Jones Industrial Average dropped 0.7% to 42,215.80. The Nasdaq composite fell 0.9% to 19,521.09.