Oil prices held steady on Tuesday after the previous day's rally, driven by a halt in production at Norway's Johan Sverdrup oilfield, and as investors remained cautious amid fears of an escalation in the Russia-Ukraine war.

The yen got some much-needed respite on Tuesday as it steadied on the stronger side of 155 per dollar thanks to a pullback in the U.S. currency, which ran into profit-taking after a stellar rally that saw it scale a one-year high.

Global stocks began the week on firmer footing ahead of a highly anticipated earnings release from Nvidia (NASDAQ:NVDA), while in Japan, comments from its central bank's head left markets none the wiser on the country's rate outlook.

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.

The dollar rose against the yen on Monday after Japan's top central banker flagged further policy tightening ahead but left open the question of timing, leaving the market no clearer on whether a move would come next month.

Most Asian stocks kept to a tight range on Friday amid increased caution over U.S. interest rate cuts, while investors digested mixed economic readings from Japan and China.