Asian Stocks Plummet as Oil Prices Surge on Iranian Conflict Fears

Asian stocks declined on Tuesday as rising oil prices and inflation concerns offset the boost from strong corporate earnings reports.

The Nikkei 225 in Japan fell 2.5% to 67,460.73, while South Korea's Kospi lost 1.6% to 6,869.83.

Australia's S&P/ASX 200 was little changed, inching down less than 0.1% to 9,070.00.

Hong Kong's Hang Seng gained 0.2% to 25,513.65, while the Shanghai Composite added 0.2% to 3,990.30.

Analysts said robust earnings reports in Asia and the U.S., partly tied to AI, have helped to counter worries about what the war in Iran will do to the global flow of crude oil and its impact on energy prices.