Asia's Markets Fall Amid US-Iran Conflict and Tariff Uncertainty

Asian markets closed lower as shares in AI-related stocks declined sharply. This sell-off was part of a broader market trend, where major indexes like the S&P 500 and Nasdaq fell due to heavy losses from key technology companies Micron Technology and Broadcom.

The decline in shares comes amidst increasing pressure from the US-Iran conflict, which has raised concerns about oil prices. Brent crude, the international standard, dropped 2.8% to $97.89 per barrel, pulling back from its recent surge above $100. Before the Iran war escalated in late February, oil prices were around $72 per barrel.

The market's reaction was also influenced by a fresh round of tariffs imposed on dozens of nations by the US, which will impact nearly all U.S. imports and be passed on to consumers as added costs.