Asian Stocks Slide as Oil Prices Climb Amid US-Iran Tensions

Asian stocks took a hit on Tuesday following losses on Wall Street, while oil prices rose due to uncertainty over U.S.-Iran talks and potential disruptions to the Strait of Hormuz.

The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all fell by 0.8%, 0.7%, and 0.9% respectively on Monday, putting pressure on stocks from rising yields on U.S. Treasuries.

The yield on the 10-year U.S. Treasury hit its highest level in nearly two decades, reaching around 5.23% early Tuesday, after hitting 5.27% on Monday compared to 5.17% last Friday.

Central banks have been raising interest rates to combat inflation, with Australia's central bank lifting its benchmark rate to the highest level in 15 years and the U.S. Federal Reserve raising rates for the first time in three years.