Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, on continuing concerns over the conflict in the Middle East and the resulting spike in crude oil prices. Iran has warned it will not reopen the Strait of Hormuz unless the U.S. meets a series of preconditions, including compensation, the lifting of sanctions, and an end to military threats. Asian markets closed mostly higher on Monday.

Traders may also have been reluctant to make significant moves ahead of the release of key U.S. inflation data in the coming days.