* Brent extends gains as Trump threatens 20% fee on cargo

shipping

* Asian stocks volatile, Taiwan shares fall to one-month low

* Hawkish comments from Fed's Waller lift odds of July rate

hike

(Updates market movements, adds quote in paragraph 4, GPIF in

paragraph 15)

By Gregor Stuart Hunter

SINGAPORE, July 14 (Reuters) - Stocks yoyoed between gains

and losses and oil hit a one-month high in Asian trading on

Tuesday after President Donald Trump said the U.S. was

reinstating its blockade of Iranian shipping and would collect a

20% fee on cargo traversing the Strait of Hormuz.

Following a volatile session, MSCI's broadest index of

Asia-Pacific shares outside Japan was up 0.2%,

as a rebound for South Korean shares offset declines in

Taiwan. S&P 500 e-mini futures nudged 0.1%

higher.

Chinese stocks led the rally, with the CSI 300 up 2%

after export and import data for June released on Tuesday

surpassed economists' expectations.

"China's exports and imports surged to the highest levels

since the pandemic-skewed 2021, as the tech boom supports growth

on both fronts," ING analysts wrote in a research note. "Exports

have been one of China's primary growth engines in recent years,

and this year's acceleration continues to beat expectations."

Brent crude futures climbed 2.6% to $85.49 a barrel,

after earlier hitting their highest since mid-June at $85.64.

Markets were also rattled by hawkish comments on Monday from

Federal Reserve Governor Christopher Waller, who said the U.S.

central bank may need to raise interest rates "in the near term"

if data shows inflation continuing well above the 2% target.

U.S. CPI data is due for release later on Tuesday, followed

by comments from Fed Chair Kevin Warsh, who will deliver the

central bank's semi-annual monetary policy report to Congress.

"While the risk had been building in the system over the

past week, markets reacted aggressively" to the latest headlines

from the Iran conflict, said Chris Weston, head of research at

Pepperstone in Melbourne.

"The prospect of tighter monetary policy into a potential

energy shock is rarely supportive for risk assets."

Overnight, stocks on Wall Street sold off and oil futures surged

more than 9% as the conflict between the U.S. and Iran

re-ignited, once again throttling the flow of goods through the

Strait of Hormuz. The S&P 500 closed 0.8% lower and the

Nasdaq Composite fell 1.6%.

Fed funds futures are pricing in an implied 43.3%

probability of a 25-basis-point hike at the U.S. central bank's

next two-day meeting on July 28 to 29, compared to a 34.2%

chance on Friday, according to the CME Group's FedWatch tool.

The yield on the U.S. 10-year Treasury bond was up 0.8 basis

point at 4.6156%.

The U.S. dollar index, which measures the greenback's

strength against a basket of six currencies, nudged 0.1% lower

to 101.18, trading around its highest levels of the month. Gold

was up 0.8% at $4,031.60.

"The risk to Asian markets from the re-escalation in

U.S.-Iran tensions runs mainly through the impact of higher

energy prices on currencies and policy interest rates," said

Eastspring Investments' chief investment officer Vis Nayar in a

note. "Persistently higher oil prices would increase the risk

that the U.S. Federal Reserve would hike the Fed funds rate

later this year."

In Tokyo, the Nikkei 225 rose 0.8% after Finance

Minister Satsuki Katayama said Japan may consider adjusting the

strategy of the giant Government Pension Investment Fund if the

investment environment changed sharply. However, she gave few

further details.

In Taipei, the Taiwanese benchmark fell to a one-month low,

leading regional declines even as other markets recovered.

Market bellwether TSMC is scheduled to report earnings

on Thursday, with a fifth consecutive quarter of record profits

expected.

In Seoul, stocks moved between negative and positive territory

as shares in SK Hynix ( SKHY ) veered between gains and

losses, rising as much as 4.9% after an earlier selloff. The

volatility for the memory chipmaker comes after a dramatic

plunge a day earlier following its Nasdaq debut last week.

In cryptocurrencies, bitcoin was 0.8% higher at

$62,633.95 while ether was up 1.1% at $1,784.53.