Asian stocks tumble as oil surges and Fed rate-hike bets grow

Asian and Indian stock markets slid in early trade as renewed Middle East tensions pushed crude higher and hawkish Jackson Hole signals kept Fed rate-hike bets alive. The oil rally and higher yields hit tech and growth shares, with AI-related tech and semiconductors among the notable laggards across Korea, Japan, and broader Asia. Brent crude hovered near $90 a barrel after US strikes on Iranian targets, while US futures and Treasuries moved in tandem with rate expectations. Analysts described the move as a risk-off, with a pattern of front-end repricing and subsequent risk assets following, though some cushions came from financials in certain markets. The month-end timing amplified moves and volatility, with traders watching for further developments in the Middle East and Fed communications.