Oil prices climbed about 3% after U.S. forces struck Iranian rocket launchers on the Strait of Hormuz, the first U.S. military action there in a month. Brent crude rose 2.9% to $90.61 a barrel, while U.S. benchmark crude gained 2.7% to $85.66. The strikes came days after the Trump administration shifted toward economic pressure, raising concern that renewed open conflict could endanger the region. Asian shares and U.S. stock futures declined after Fed Chairman Kevin Warsh reinforced expectations that the central bank may raise short-term interest rates to reduce inflation, even at the cost of near-term economic weakness. The two-year Treasury yield rose to 4.35% from 4.22% before Warsh's speech, while the 10-year yield reached 4.72% and the 30-year yield 5.21%. Most major Asian benchmarks fell, although the Shanghai Composite advanced 0.4%. Shein is scheduled to begin trading in Hong Kong on Tuesday in the city's largest initial public offering this year, while Chinese factory activity remained in contraction for a second consecutive month in August. The U.S. dollar slipped to 159.85 yen, and the euro rose to $1.1588.