Asian Stocks Plunge as Oil Prices Surge Amid Iran Concerns

Asian stocks declined on Tuesday as rising oil prices and inflation concerns offset the boost from strong corporate earnings reports. The Nikkei 225 dipped 1.6% to 68,098.54, while Australia's S&P/ASX 200 edged up 0.2%. South Korea's Kospi dropped 0.6% to 6,933.60 after surging earlier.

The Shanghai Composite shed 0.5% to 3,963.53, and Hong Kong's Hang Seng lost 0.6% to 25,289.88. The rally in oil prices sent Treasury yields higher, raising pressure on the economy and prices for investments.

Analysts said robust earnings reports are helping counter worries about the war in Iran's impact on crude oil supplies. Japan imports almost all its oil, making it vulnerable to price fluctuations.