Asian markets mixed as Iran conflict and oil prices drive swings

Asian stock markets showed a mixed performance on Tuesday, with investor sentiment dominated by uncertainty surrounding the ongoing conflict involving Iran and its impact on global oil supplies. The volatility in energy markets continued to ripple through financial centers, leading to sharp declines in some indices while others posted modest gains.

Japan's benchmark Nikkei 225 fell 0.6 percent to 60,433.79, giving up its initial advance despite a government report showing the economy grew for a second consecutive quarter from January through March, driven by better-than-expected consumer spending. South Korea's Kospi experienced a more significant drop, sinking more than 4 percent in early trading and remaining down 3.5 percent by midday at 7,249.73. Major technology shares like Samsung Electronics and SK Hynix fell 3.8 percent and 4 percent, respectively, tracking overnight losses on Wall Street.

In contrast, Australia's S&P/ASX 200 rose 0.9 percent to 8,582.80. Hong Kong's Hang Seng gained 0.5 percent, while the Shanghai Composite index shed 0.3 percent.

The primary driver of market instability remains the price of oil, which has been gyrating due to uncertainty over how long...