Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, as traders remain cautious amid the escalating tensions in the Middle East over the control of Strait of Hormuz that sent crude oil prices spiraling, fueling global inflationary and the possibility of higher interest rates. Asian markets closed mostly lower on Monday.

Following the exchange of attacks between the U.S. and Iran over the weekend, Tehran responded by attacking Gulf Arab states, including Bahrain, Kuwait, Qatar, Jordan and Oman, further straining the fragile ceasefire between the two countries.