Asian Markets Reel as Brent Crude Surges Past $91 Amid Iran Tensions

Asian markets experienced mixed trading on Tuesday, with the MSCI Asia Pacific Index rising by 0.3%. South Korean shares led the gains, increasing by 3% after a holiday on Monday. However, the Nikkei 225 in Japan declined initially but managed to recover from its opening lows.

The TOPIX index in Tokyo also rebounded into positive territory after a poor start. In contrast, Indian markets hinted at a negative start to the Nifty 50 index in early pre-market action. The rise of Brent crude oil prices to $91.15 per barrel contributed to market volatility, as global benchmark prices increased due to renewed conflict in Lebanon and President Donald Trump's expressed disinterest in prolonging the expiring agreement with Iran.

Global bond markets also saw significant movements, with 10-year Treasury yields rising by three basis points to 4.72%. Yields on Japan's 10-year bonds continued their upward trend after reaching multi-decade highs in the previous session.