Asian equities tumble after Trump urges peace with Iran but Hormuz remains closed

Asian Stock Markets Slide Amid Ongoing Oil Price Concerns

Asian equity markets experienced notable declines on Tuesday, as worries about sustained high oil prices persisted, despite growing optimism for a resolution to the prolonged Middle East conflict.

Elsewhere, global appetite for riskier assets has increased. S&P 500 futures advanced by 0.8% to approach 6,400, while the US Dollar Index (DXY), which measures the dollar against a basket of six major currencies, edged slightly lower to around 100.45.