Asian stock markets are trading mostly lower on Tuesday, weighed down by elevated crude oil prices and escalating conflicts across the Middle East and Eastern Europe.
Iran continues to assert its control over the Strait of Hormuz, with ships being attacked more frequently than at any point in the war, deepening concerns about global energy supply chains.
Iran-backed Houthi militants have also claimed fresh attacks across Saudi Arabia, adding further pressure to already strained regional stability.
Russia and Ukraine have resumed attacks on energy infrastructure, compounding fears about supply disruptions that could keep oil prices elevated for an extended period.
Heightened inflation concerns tied to rising energy costs have pushed global yields higher, creating a difficult environment for equities across the region.
The US Federal Reserve is widely expected to keep interest rates unchanged next week, with markets pricing in roughly a 94 percent probability of a rate hike in December.
Australia’s benchmark S&P/ASX 200 index has fallen below the 8,800 level, with mining and financial stocks leading losses after the index posted gains in the previous two sessions.
Among major Australian miners, BHP Group (BHP) is losing more than 2 percent, Rio Tinto (RIO) is down almost 1 percent, and Evolution Mining and Resolute Mining are each declining more than 3 percent.
Japan’s Nikkei 225 has dropped well below the 64,150 level, with market heavyweight SoftBank Group tumbling more than 5 percent and technology stocks broadly under pressure.
Fujikura and Resonac Holdings are each slipping more than 5 percent, while Mizuho Financial and Panasonic are declining close to 3 percent in a broad-based selloff across Tokyo.
In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are each losing more than 1 percent, reflecting wider concerns about yield curves and borrowing conditions.
Fast Retailing, the operator of Uniqlo, is bucking the broader trend with gains of more than 1 percent, while Canon is edging up slightly by 0.1 percent.
Across the wider region, South Korea is down 2.5 percent, while New Zealand, China, Hong Kong, and Singapore are each lower by between 0.1 and 0.9 percent.
Indonesia and Malaysia are moving against the regional trend, with Indonesia up 2.5 percent and Malaysia posting a modest gain of 0.2 percent on Tuesday.
In currency markets, the US dollar is trading in the lower 158 yen-range, reflecting cautious sentiment as investors monitor geopolitical developments and central bank signals.
