Asian stocks declined on Tuesday, tracking losses on Wall Street after U.S. equities retreated from record highs. While some shares in Asia were mixed following a period where U.S. stocks set records powered by strong company profits, the general trend across the region remained lower.
A surge in oil prices has contributed to the decline, dragging both U.S. equities and bonds lower. Although oil prices eased slightly, crude remains firm and continues to trade well above $100 a barrel.
These market movements come amid renewed hostilities between the U.S. and Iran. Escalating tensions around the Strait of Hormuz have raised fresh fears regarding high energy prices and the impact of global inflation.