Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.
Tensions in the Strait of Hormuz have risen after a Singapore registered ship was sunk in the critical waterway, and Iran said it was "counting the moments" until it can strike U.S. warships.
Oil markets responded to mounting worries, with prices of the critical commodity extending gains, while U.S. President Donald Trump's deal with Russia for supplying diesel is unlikely to materially impact prices.
A major escalation in the Strait of Hormuz has seen a container ship sunk in the waterway, as Iran escalated its attacks on commercial vessels.
The GFS Pride, registered in Singapore, sank after it was struck by an unidentified projectile and caught fire. The ship's 21 crew members were safely evacuated and no injuries were reported, according to the Maritime and Port Authority of Singapore.