New Delhi, April 7 -- Asian shares were mixed 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.

Japan's benchmark Nikkei 225 erased earlier gains to decline 0.2% in morning trading to 53,310.30. Australia's S&P/ASX 200 gained 1.5% to 8,706.90. South Korea's Kospi was little changed, inching down less then 0.1% to 5,445.80. The Shanghai Composite edged up 0.4% to 3,896.98. Trading was closed in Hong Kong for a holiday.

On Wall Street, stock prices drifted higher, with the S&P 500 rising 0.4%, coming off its first winning week in the last six. The Dow Jones ...