Asian equity markets fell on Tuesday after renewed hostilities in the Middle East pushed oil prices higher, intensifying inflation concerns and expectations for near-term interest rate increases. US forces struck an island in the Strait of Hormuz, while Iran responded with attacks on the UAE and Jordan, marking a return to combat between the US and Iran after roughly a month. Global bond yields climbed to fresh highs, with Japan's benchmark 10-year yield reaching a fresh 30-year high. Technology and artificial intelligence-related companies led losses across markets in Australia, Japan, South Korea, China and Hong Kong.