Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from Wall Street overnight, with major markets in the region, China, Japan and South Korea closed, as traders react to the re-escalation of the Middle East conflict and the related spike in crude oil prices that has again raised global inflation concerns. Asian markets closed mostly higher on Monday.
US forces repelled Iranian attacks while escorting two US-flagged vessels through the Strait of Hormuz. Meanwhile, the UAE reported intercepting cruise missiles launched by Iran and attributed a major fire that broke out at a major oil industry zone in the U.A.E. at its Fujairah port to a drone strike.
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