Oil prices held firm on Tuesday after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares look set to extend their bull run on optimism about upcoming earnings. Short-term U.S. bond yields and interest rates jumped after a report U.S. President Donald Trump favoured Stanford economist John Taylor to head the Federal Reserve. 

Japan's Nikkei gained 0.6 percent, extending its 10-day winning streak until Monday while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.04 percent having gained 10 of the past 12 sessions.

Oil prices held near their highest levels in more than two weeks after Iraqi government forces captured the major Kurdish-held oil city of Kirkuk in a response to a Kurdish independence referendum, raising worries about oil supply.

As Iraqi forces advanced, Kurdish operators briefly shut some 350,000 barrels per day of oil output at two large Kirkuk fields, citing security concerns, oil ministry sources on both sides said.

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