Shares slip in Asia as oil jumps on Gulf attacks

SYDNEY, July 13 : Share markets slipped in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices surging and rekindling inflation risks globally. The dollar gained with bond yields as investors nudged up the chance of a hike in interest rates from the Federal Reserve, just a day before Chair Kevin Warsh is due to face Congress for the first time in his new role. Inflation figures for June on Tuesday could show some cooling in the headline rate of 4.2 per cent as petrol prices decline, though some of that will reverse now that oil is rising anew.Brent crude climbed 3.3 per cent in early trade to reach $78.50 a barrel, up from the recent trough of $70.14, while U.S. crude added 3.4 per cent to $73.83 a barrel. [O/R]